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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% S2 s: {: }; K& C+ [1 W
X' p% G/ B) W% h' m& O/ B
OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
% }& a% m% l0 }, Y" Prate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
$ O, H$ c1 @0 r; Z! vraised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal* A' A9 z# h* S1 H; L2 P! B O, O, l$ Q
operating band of 50 basis points for the overnight rate.
+ z. i( s) x/ J; U" m1 z. N3 d
. Z0 e% j) z& FThe global economic recovery is proceeding but is increasingly uneven across countries, with( b: V' r8 i* V% e: d
strong momentum in emerging market economies, some consolidation of the recovery in the
4 Z& j- o" c0 ?. G% T& e* c& E0 S1 nUnited States, Japan and other industrialized economies, and the possibility of renewed weakness
6 q X/ ^; z" O3 g+ {, ~in Europe. The required rebalancing of global growth has not yet materialized.
+ r, H/ m* R& QIn most advanced economies, the recovery remains heavily dependent on monetary and fiscal5 J* m5 P9 c5 a6 B, ~
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the) @2 H+ S9 h9 j) _
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
7 ?* Q+ B* B( o: p: Nin higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
) `8 Y2 C' A4 P8 A% qimportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the4 i+ _4 [9 W& p4 M8 k2 K0 f# _
spillover into Canada from events in Europe has been limited to a modest fall in commodity
6 d8 D, ?$ | }# D& x# x( Mprices and some tightening of financial conditions.
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' T! z& I# e( X6 s( r5 iActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
: S' ]" }* d! A9 iin the first quarter, led by housing and consumer spending. Employment growth has resumed.4 Q1 K' [/ }7 N: Y) `/ Y7 A
Going forward, household spending is expected to decelerate to a pace more consistent with: S" f, h' P& ]- I2 b
income growth. The anticipated pickup in business investment will be important for a more
0 F0 ?" g ]9 xbalanced recovery.8 g7 i, |: O6 C! |3 T
2 R9 K, a) W: x4 OCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
4 g: ~+ G& f( w, M) ~the combined influences of strong domestic demand, slowing wage growth, and overall excess
& |2 Q( |( Z1 C3 U7 L* m( n5 Ysupply., r2 V/ k3 Y$ S, @+ q; M$ ^5 ]
) X4 a6 v, _) I# F
In this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and
, J9 H5 P- n+ `2 Y2 m1 Kto re-establish the normal functioning of the overnight market. This decision still leaves considerable
4 `4 \6 ?: ^& \9 q* E, wmonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the 1 F, W6 r& C2 |8 ]9 n
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
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, ~6 ^$ j4 ]; ~2 A& o; vGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary
& O' f! c: m6 s( S* Wstimulus would have to be weighed carefully against domestic and global economic! P* h: {4 J7 m, o, x
developments.3 E. u3 J# O- @2 f% K+ l. v2 t e
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Information note:4 X; d" F3 R# @4 Z4 ]* M
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
% d e \/ W& \6 c% U/ Qof the Bank's outlook for the economy and inflation, including risks to the projection, will be
2 D B+ L0 _7 Z, H- {1 T/ F' g, {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！