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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
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OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight3 l& ?* H8 ?9 m* D
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
* P0 |" c% j* `raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal' l& k& P& H) D$ ^% I2 Z$ b9 ~2 K
operating band of 50 basis points for the overnight rate.
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9 u* m5 h% u0 F" D, B* AThe global economic recovery is proceeding but is increasingly uneven across countries, with6 [, p% U2 C# h: c3 _0 z" P$ W o: S
strong momentum in emerging market economies, some consolidation of the recovery in the
0 M2 p7 j' m7 e& z( i5 qUnited States, Japan and other industrialized economies, and the possibility of renewed weakness
7 z% Z2 ^! \- T7 I( }& Pin Europe. The required rebalancing of global growth has not yet materialized. z) F( O9 B* U, N- G6 E
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal
0 J% s' @7 @& P) cstimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
+ e, A( u( u9 u# \/ K" D* Pvariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
% A+ W' o$ t G* D4 S( j4 d' gin higher borrowing costs and more rapid tightening of fiscal policy in some countries - an i" k7 O, f( s0 A. O6 G( ?- V
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the1 s6 Y( d2 Z) F! V
spillover into Canada from events in Europe has been limited to a modest fall in commodity
1 _% k$ U5 y S6 s- B+ y# Gprices and some tightening of financial conditions.! z7 }# z9 g+ Q) O
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Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent, P1 Q ?& Q# }
in the first quarter, led by housing and consumer spending. Employment growth has resumed.
, _! D3 B0 M6 i% }+ rGoing forward, household spending is expected to decelerate to a pace more consistent with
! [/ q! }+ A1 }9 T% }income growth. The anticipated pickup in business investment will be important for a more! T" V8 D) u) Q j6 i
balanced recovery.
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects( n1 s# H# @) U4 E1 M& y, b
the combined influences of strong domestic demand, slowing wage growth, and overall excess* A5 W7 s8 j1 K, o1 n3 `
supply.6 ]) e! _) k0 d5 G0 U7 p
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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
, ]1 K% D: i5 Kto re-establish the normal functioning of the overnight market. This decision still leaves considerable & k1 I7 q3 \) l$ v5 ^8 Z
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
: Z$ {1 S" Z% M2 r7 t7 }significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.: _2 b! z! t" d4 I* U, s r
: c6 ~7 Q$ V9 w( ^0 t1 ~Given the considerable uncertainty surrounding the outlook, any further reduction of monetary: J) e; C6 W$ Z/ o
stimulus would have to be weighed carefully against domestic and global economic
& F- I- q0 G- p$ I/ Bdevelopments.
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1 @8 D, P+ H- r) \Information note:
# V' t, M7 @. z; e, R: OThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update) A8 a0 P3 R$ N
of the Bank's outlook for the economy and inflation, including risks to the projection, will be
: H+ h1 {+ Y7 ^0 j. r& M) cpublished 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
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