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Bank of Canada increases overnight rate target to 1/2 per cent and re-establishes normal functioning of the overnight market9 h/ {/ |- X3 G4 X5 U+ o: @$ P
4 u. ?' i1 b2 i8 q' t6 LOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight0 ^# i# i/ M4 z' Q! M; w0 d
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly, r3 y' |- P, m8 d* T: ?
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
% G4 I8 n. Y9 B( C7 X1 J3 T: }9 c# Boperating band of 50 basis points for the overnight rate./ q* s- z. B0 Y. Y" h2 z+ I( W# N
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The global economic recovery is proceeding but is increasingly uneven across countries, with8 E; @7 p# Y) ^1 P
strong momentum in emerging market economies, some consolidation of the recovery in the( W! E- K* P l: p6 |, {0 y# ?
United States, Japan and other industrialized economies, and the possibility of renewed weakness
% h1 A9 @1 `. I7 _8 ^in Europe. The required rebalancing of global growth has not yet materialized.7 I4 x. D0 @. F3 h, N' S
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal$ p4 ]" j& }: b ]* h7 t0 d
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the, ?& m- |/ Y/ H; \4 t0 Z8 G9 O
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result6 I# x6 x U; h+ L, o) D
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
: \% \5 M8 ]1 R1 S. Z$ h* N* ^important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
9 }2 P5 `8 R; Bspillover into Canada from events in Europe has been limited to a modest fall in commodity' l- D* F# G* L6 ~
prices and some tightening of financial conditions.+ Q( k' [5 X" W9 j4 p
! ?: i7 h* f+ O" w! Q' \, @ `Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent$ Y/ g# c2 g+ h) J% a* R
in the first quarter, led by housing and consumer spending. Employment growth has resumed.
; d0 K, }9 q$ Y* G0 @; |Going forward, household spending is expected to decelerate to a pace more consistent with
$ I9 X: K+ e4 E3 }income growth. The anticipated pickup in business investment will be important for a more
7 U9 i) T: `/ h A& Ubalanced recovery.
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8 P" X3 U1 p# O% L1 S% yCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
/ o. X9 n$ }0 p4 _) q5 ~" Ythe combined influences of strong domestic demand, slowing wage growth, and overall excess; T C) M( d/ r
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 and6 T$ C M/ F" }6 n/ v
to re-establish the normal functioning of the overnight market. This decision still leaves considerable , e6 q2 o- k/ H% k, G7 |
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
5 D$ `* [2 {7 }2 N" e) p. Asignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
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' V, ~+ @0 r7 w; s- W; n4 ^Given the considerable uncertainty surrounding the outlook, any further reduction of monetary% ?: @6 E, s! w6 W2 U
stimulus would have to be weighed carefully against domestic and global economic* C+ ^( h, F$ u4 f
developments.
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! y9 i; C3 L, E% f1 {- {. CInformation note:
, t+ d: x, g: i& |0 s: wThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update( F, {: l: Q) E
of the Bank's outlook for the economy and inflation, including risks to the projection, will be; F- u7 b- }( { u9 a
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！