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Bank of Canada increases overnight rate target to 1/2 per cent and re-establishes normal functioning of the overnight market- }/ `( G* q4 A6 y' ^$ g
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OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
7 e; X: Z- O9 w8 l! {, i' jrate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
$ R; T( x* h/ Sraised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
# T! H9 M. N$ v7 p) moperating band of 50 basis points for the overnight rate.
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- O" ~/ l; Y4 Y7 E6 k BThe global economic recovery is proceeding but is increasingly uneven across countries, with) _6 y% n& W# E* I2 V
strong momentum in emerging market economies, some consolidation of the recovery in the- X: ^ U' m+ h# C- l; B& N
United States, Japan and other industrialized economies, and the possibility of renewed weakness
O# C) q* G$ G& ?( g+ @+ D F9 X/ hin Europe. The required rebalancing of global growth has not yet materialized.( w; m2 j R) M1 X
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal! A1 l/ u! b0 T( u- D
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the5 A7 N! W) M* u( g
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
# O+ P2 ]$ i3 V1 Y5 oin higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
( L# l- ]0 Y/ T8 A. k! w6 limportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
1 `( F, c% p4 c' K- t' D, W3 Mspillover into Canada from events in Europe has been limited to a modest fall in commodity$ F! ^1 m; O. k" t7 x
prices and some tightening of financial conditions.; V3 ]/ L2 o( ~0 ^: B' d
, A7 Z5 e% T+ uActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent$ v. k" ^+ ?+ J5 [2 K# C
in the first quarter, led by housing and consumer spending. Employment growth has resumed.
' k* A9 _& b! F- b9 qGoing forward, household spending is expected to decelerate to a pace more consistent with
! L9 }$ @+ @2 ^income growth. The anticipated pickup in business investment will be important for a more
& c/ P4 `$ F, S( g9 |) `balanced recovery.
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects! a# |& C' {0 t4 _% M5 j0 @3 W0 \; ~
the combined influences of strong domestic demand, slowing wage growth, and overall excess
9 D+ r) x8 a( c' @supply.
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In this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and
' G, l0 U% s/ p; w( ito re-establish the normal functioning of the overnight market. This decision still leaves considerable # W* U1 G# L+ N8 G5 e- [
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the F: K4 Z) T2 z h# \
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
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Given the considerable uncertainty surrounding the outlook, any further reduction of monetary* {6 v" T- ]4 _0 {2 i
stimulus would have to be weighed carefully against domestic and global economic
/ Z1 A9 F( D2 k+ p+ ^ [developments.4 D t* l/ l8 \0 P5 X; S- U6 }
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Information note:
* P1 h8 p4 [( b" d# w5 cThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
+ j1 c; o/ p6 h) pof the Bank's outlook for the economy and inflation, including risks to the projection, will be7 O2 k9 j/ \ G- O
published in the MPR on 22 July 2010. |
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发表于 2010-6-1 07:58
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楼主
发表于 2010-6-1 10:11
发表于 2010-6-1 12:38
小罚一下， 请您做一碗正宗的麻辣面犒劳一下版主游侠同志！