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Bank of Canada increases overnight rate target to 1/2 per cent and re-establishes normal functioning of the overnight market7 _" i9 k! d( V8 g
. o5 M8 g5 ]) `' M5 o: TOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
* L$ w* V# a" I$ w' Qrate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
. L E! F$ v! B. j0 O, Qraised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
. y0 r. r: X9 p: k M, l8 O- soperating band of 50 basis points for the overnight rate.
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, s Q3 S; C( U/ tThe global economic recovery is proceeding but is increasingly uneven across countries, with
8 G: o) @! }* e# C u8 G& U! Dstrong momentum in emerging market economies, some consolidation of the recovery in the1 V6 t% P0 w; e7 ^4 \3 ^4 J
United States, Japan and other industrialized economies, and the possibility of renewed weakness" D" z( D: d' d" S" \* ^$ K
in Europe. The required rebalancing of global growth has not yet materialized.
3 D3 P$ D5 l5 r0 v! o. P# x5 jIn most advanced economies, the recovery remains heavily dependent on monetary and fiscal
N2 P9 P+ l+ Z& H vstimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
* G" n7 R1 I3 s S3 Vvariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
) ]5 J9 t% m+ R, W& din higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
9 O f& h+ M# z- w+ Himportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
7 ^! |* l. e3 K- u" k) Pspillover into Canada from events in Europe has been limited to a modest fall in commodity
9 F; j5 y3 n5 k5 v# [# i- Jprices and some tightening of financial conditions.1 A2 D7 ]. j& }% O
$ I1 Q+ `& h. p( ~" yActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent8 d% E# I* |7 L1 R, q/ y: X& M2 C5 P
in the first quarter, led by housing and consumer spending. Employment growth has resumed.! O9 l% _7 |/ g
Going forward, household spending is expected to decelerate to a pace more consistent with
- X) Y9 u L$ W% Lincome growth. The anticipated pickup in business investment will be important for a more
E. c! k! U! p9 r ~# h, |balanced recovery./ K6 z; Y4 C- O
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects/ V( u; y4 B7 Q" e3 `( l9 ?
the combined influences of strong domestic demand, slowing wage growth, and overall excess5 ^# T$ D9 }0 }8 A5 E+ s2 e
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
. [* [/ K( Q) ^to re-establish the normal functioning of the overnight market. This decision still leaves considerable
4 f& K+ G3 t, ]& q2 P! _* K5 S- }. qmonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the " }$ |! K; |5 I) R7 K
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.3 g( m8 S; P0 i+ m
0 r4 G- r( G# N, O% ]8 \. V. C4 }
Given the considerable uncertainty surrounding the outlook, any further reduction of monetary. s n8 O+ B- o4 }
stimulus would have to be weighed carefully against domestic and global economic
9 A6 `7 \3 } C/ j8 K* ndevelopments.7 A. }# Y' I" H( {" y: t! K
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Information note:6 `* J# E: b! ~4 q
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
) Q. f" H' i, y5 _' Y) _of the Bank's outlook for the economy and inflation, including risks to the projection, will be9 Q1 a' o( @# _. H0 f h. b
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！