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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. `% _' e) s- U9 p# E& ]& D* ?% U
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OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight* H: r w4 A4 f3 ], }
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
4 l! O J. s& Y6 M, s, zraised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal# e1 ~7 K5 L" a2 S! E
operating band of 50 basis points for the overnight rate.* i8 x' F& o. u, U) a5 l
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The global economic recovery is proceeding but is increasingly uneven across countries, with
5 }6 c% e# w7 P# d) Istrong momentum in emerging market economies, some consolidation of the recovery in the4 ~ p' H2 ^7 H' \. I6 l' [: c; b
United States, Japan and other industrialized economies, and the possibility of renewed weakness
5 a. K: j3 R$ g1 w! \in Europe. The required rebalancing of global growth has not yet materialized.2 A7 {- c! L U
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal- B- s) b, P, m. @4 x; `
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
. N( Z) ?5 I; T% j: tvariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
! \+ T/ r h+ X% N& D4 H1 ^2 M5 xin higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
, N" X& m0 z! J; @important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the0 n ?) F) ?0 C7 T$ q1 Y! G' G! r4 I) x
spillover into Canada from events in Europe has been limited to a modest fall in commodity
D$ T' H; k. N( s- yprices and some tightening of financial conditions. O" A7 o! @/ D1 X, [6 q4 ?
* @0 m4 o4 o: wActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent; T- N( Z) t; l* U1 d
in the first quarter, led by housing and consumer spending. Employment growth has resumed.( P h) h4 p& O8 I
Going forward, household spending is expected to decelerate to a pace more consistent with8 c. x2 R* V3 Z
income growth. The anticipated pickup in business investment will be important for a more
, O3 g0 s8 D9 {3 Abalanced recovery.
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# [2 r3 u' n& g& [9 P9 F/ t' n; L2 LCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects# M4 B0 p0 A$ V8 c! Z0 P" O
the combined influences of strong domestic demand, slowing wage growth, and overall excess) q* R" J0 H2 ~5 b; u
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
; `: A% n0 e1 I+ i/ F; d- ?- Hto re-establish the normal functioning of the overnight market. This decision still leaves considerable
5 F* ~/ E$ w# f! ]monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the / R# [- |" V% ^% ~
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
, {% y& Z. |# V: Tstimulus would have to be weighed carefully against domestic and global economic
: c$ V+ Y- N2 Odevelopments.' X9 X+ `9 T& t
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Information note:+ X1 H( s/ L6 L6 R1 G/ q. j
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update9 H) J( O6 z5 S
of the Bank's outlook for the economy and inflation, including risks to the projection, will be; l$ D& M& Y. Q, p7 Q% U3 X3 d
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！
