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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 overnight
) s, I6 b1 D) H! A) ^rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly* L( |" i) Q2 s, M) u
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
: H3 A M6 L# k$ Coperating band of 50 basis points for the overnight rate.
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% _; ~! q; D! C+ s5 p% CThe global economic recovery is proceeding but is increasingly uneven across countries, with
- L, @; v9 M7 l" D Kstrong momentum in emerging market economies, some consolidation of the recovery in the
P0 y$ W6 D) T7 y7 H( ^United States, Japan and other industrialized economies, and the possibility of renewed weakness' r7 z5 w2 Z; {- M
in Europe. The required rebalancing of global growth has not yet materialized.% o, b6 x6 i: ]( u( D! \( y8 v/ e3 l
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal
: ]6 z& I( \/ V( ?% Jstimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
) m: a8 J2 a( p- t7 x, v. V# [variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result; K$ ]% `; l2 R9 V6 @2 M3 N
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an5 T; q8 a e* h2 g
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the3 F1 q& ^$ }9 g- r; c& Y6 T: R
spillover into Canada from events in Europe has been limited to a modest fall in commodity) |0 Q7 I+ @/ h, g
prices and some tightening of financial conditions.
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Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent4 b5 t9 r. E! Z9 \. r
in the first quarter, led by housing and consumer spending. Employment growth has resumed.
8 q0 Q/ q, I l9 V! S# SGoing forward, household spending is expected to decelerate to a pace more consistent with/ d4 v+ M% b, K, e8 V; g
income growth. The anticipated pickup in business investment will be important for a more
! ^8 o, L' ]+ fbalanced recovery.* l9 H- E2 o) V1 E
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects- D. P4 Z2 e2 j$ X
the combined influences of strong domestic demand, slowing wage growth, and overall excess) r4 Q5 D5 L! e$ 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
- L! c5 @4 w6 e) B4 Cto re-establish the normal functioning of the overnight market. This decision still leaves considerable 1 w! Y0 J: s: Z8 [
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
/ |, j/ B& u8 psignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
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: b. b+ y4 O- _+ E' q; VGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary
2 L7 P+ L* P8 @; `/ rstimulus would have to be weighed carefully against domestic and global economic
. ~' A6 Y4 Z- a: }2 s# adevelopments.
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& Z( K4 C7 F+ V2 s. IInformation note:+ r8 M) C* Q$ v0 r I9 t$ p+ @
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update7 B( l0 c7 e' K" G& U; p, e; i: {
of the Bank's outlook for the economy and inflation, including risks to the projection, will be1 l1 ?1 }9 f, t7 L- q
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！