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Bank of Canada increases overnight rate target to 1/2 per cent and re-establishes normal functioning of the overnight market3 q* ~. ~/ p9 G; a7 C O( l1 p
+ b6 A; r0 J/ V) dOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight! _; U# U# W8 l7 \$ P
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly+ L2 ~ y+ k. v) X4 \% m7 Y
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
* |8 S; {& m# _ `operating band of 50 basis points for the overnight rate.5 r( x: ?0 l# T5 z0 J
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The global economic recovery is proceeding but is increasingly uneven across countries, with% Z% b) N9 j/ L2 K3 }' m* c. M
strong momentum in emerging market economies, some consolidation of the recovery in the& D- _) E! }7 |; k3 y& k% m2 @
United States, Japan and other industrialized economies, and the possibility of renewed weakness
) N4 B1 V9 g4 Z+ K; o$ W4 ?in Europe. The required rebalancing of global growth has not yet materialized.
8 ]9 }/ v$ _/ {In most advanced economies, the recovery remains heavily dependent on monetary and fiscal
, D- p' C" D/ X, @6 rstimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the% |+ X4 @/ R3 S, s Z( A
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result, P5 Y) u. r$ V U* x- j
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
6 P6 i' `' U3 A- Dimportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
5 p# t! a/ U; F8 b) |spillover into Canada from events in Europe has been limited to a modest fall in commodity5 a U: I4 d6 f) f$ P
prices and some tightening of financial conditions.+ |6 W; Y0 U) K. H
( D9 X; U, s; G( h0 U+ b2 }3 UActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
7 t# Q5 g6 B0 P3 g# a3 h, e& V& Min the first quarter, led by housing and consumer spending. Employment growth has resumed.
5 A* F" m1 z, g7 ~8 {Going forward, household spending is expected to decelerate to a pace more consistent with
8 j2 r+ D% U# x5 Kincome growth. The anticipated pickup in business investment will be important for a more
" }9 B$ x" k$ r1 Obalanced recovery.
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: t! J2 I! d6 V' FCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects( @* L$ Y) R P9 y
the combined influences of strong domestic demand, slowing wage growth, and overall excess T0 T0 v9 x+ f& V) A" S
supply.
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, K; o" ?6 j/ s9 I/ Q% eIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and7 [. }: X2 ~# z; A; b
to re-establish the normal functioning of the overnight market. This decision still leaves considerable & w" N; c2 [. n6 L$ j* f, @
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the $ P% f3 e5 g$ Q: I+ o
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.8 x$ L; _$ Z( Y% i0 ^# s
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Given the considerable uncertainty surrounding the outlook, any further reduction of monetary( {; I g6 n, p7 t5 k. c
stimulus would have to be weighed carefully against domestic and global economic
% v& A/ v- R0 Y, s4 gdevelopments.
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/ s" q+ `9 O" e7 I6 o$ s% \1 mInformation note:( m! z0 z" Q( D
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
8 g* O8 ^* X! |- \% k! t4 _of the Bank's outlook for the economy and inflation, including risks to the projection, will be. R4 U. U i! N! w1 |8 }
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！