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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( r! e% p6 X5 e/ [
& B) i6 r; ^& t" e' hOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
# F. I+ V8 n) Irate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly6 h# m3 c# l# N* u0 b4 E- K' h0 V' ~
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
' i2 R+ C# Y# W) C- p/ y& Coperating band of 50 basis points for the overnight rate.1 C9 J& y9 }: M3 G* t* P: D/ |
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The global economic recovery is proceeding but is increasingly uneven across countries, with
" j& N# _1 R4 x' {# ~% f& ?- astrong momentum in emerging market economies, some consolidation of the recovery in the U9 X/ K6 v7 G
United States, Japan and other industrialized economies, and the possibility of renewed weakness
$ N. O7 G9 a# u% X/ ]7 cin Europe. The required rebalancing of global growth has not yet materialized.
# t* t7 U4 Y8 ?- ~( zIn most advanced economies, the recovery remains heavily dependent on monetary and fiscal ?' N; O$ c' y' L& p* @
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
5 C: k8 D1 O, E, H: f$ @3 hvariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
8 V9 M% h+ H# z5 f/ N; Z+ M9 M& Oin higher borrowing costs and more rapid tightening of fiscal policy in some countries - an# u. U$ K; O* @. |
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
. a* J* E) z1 C4 X- Cspillover into Canada from events in Europe has been limited to a modest fall in commodity3 N0 ]/ r" B% S5 q
prices and some tightening of financial conditions.
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! D8 |& Y. H! _/ y5 N4 zActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
4 ?* l# o6 [* A+ p- f/ A% ^in the first quarter, led by housing and consumer spending. Employment growth has resumed.
, l9 r5 F0 u( O EGoing forward, household spending is expected to decelerate to a pace more consistent with7 W; r5 g7 g& L6 s% S) }
income growth. The anticipated pickup in business investment will be important for a more
8 p8 X& [' Z0 mbalanced recovery./ K6 B" y' n7 [& r% q) m/ `
- P4 y$ _) U5 j( U' VCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
* f) X" W5 b1 U Z( J0 v0 N) Lthe combined influences of strong domestic demand, slowing wage growth, and overall excess9 I' ^2 n/ u4 P4 H
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 and5 {% q5 u Y! \/ h7 H Z
to re-establish the normal functioning of the overnight market. This decision still leaves considerable ( B2 ]% x5 Z3 ~! `/ ^
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the : x) k% [$ B/ u) `) z! N y
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.$ @# k7 C) I( W; i; S4 z
7 C% n; G& |: e8 b. {
Given the considerable uncertainty surrounding the outlook, any further reduction of monetary/ d5 y, o$ @) H: H! T! Q2 Y) l; p
stimulus would have to be weighed carefully against domestic and global economic
' ]' j. O! o6 w7 h( X! x, @developments.
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Information note:
5 ` K# {" S# [6 M1 f# V( g' v, MThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update. I; T/ {& l; R+ \$ P
of the Bank's outlook for the economy and inflation, including risks to the projection, will be$ H; b) m7 _: ]5 @, N$ o9 o6 _2 |
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！