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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( {" H2 i8 f; o! \
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly1 P+ z) A" f" m& t; G" X; ~
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal/ c) v+ M0 p8 U' z, a
operating band of 50 basis points for the overnight rate.2 [9 C7 c$ P2 J4 b# J) [* W( q
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The global economic recovery is proceeding but is increasingly uneven across countries, with
$ ]3 e8 @+ K6 g" v& o/ b I1 W! ?strong momentum in emerging market economies, some consolidation of the recovery in the) u/ q2 {, U) y4 Z. R2 x# F1 [
United States, Japan and other industrialized economies, and the possibility of renewed weakness% f7 _) H2 Q- z. l1 i: `3 `" v
in Europe. The required rebalancing of global growth has not yet materialized.% i* P2 H9 C* V" g5 N
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal
! @5 ?/ l5 p7 J- U2 c1 ^stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
: P4 B8 s, S7 W+ _5 j3 j1 Gvariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
- j( ?# [8 E+ S+ K' @3 _8 bin higher borrowing costs and more rapid tightening of fiscal policy in some countries - an6 f" } H1 p6 t# _5 z+ {& c
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the6 R2 Q) A7 `- j) O4 S8 r l1 y: ~ S
spillover into Canada from events in Europe has been limited to a modest fall in commodity. ? S. D( Q: c2 _2 \
prices and some tightening of financial conditions.
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' P" Z# S2 l# } X: M9 o+ ^. }Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
% x) b3 Z4 o8 d) O1 B$ sin the first quarter, led by housing and consumer spending. Employment growth has resumed.& [' t+ h y' I* M* j0 u
Going forward, household spending is expected to decelerate to a pace more consistent with
& T7 y0 j/ p$ t8 ~. S2 [# uincome growth. The anticipated pickup in business investment will be important for a more
5 \* T7 H8 w* }; fbalanced recovery.3 R1 ~* f J% w% @8 w. k4 I
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
5 x* r8 g$ E* b5 H8 a4 K5 hthe combined influences of strong domestic demand, slowing wage growth, and overall excess4 h1 C! A. U: U6 V/ e0 I
supply.
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4 G% q' g- h% z9 C1 {+ TIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and
, X" f2 W& R3 C6 Rto re-establish the normal functioning of the overnight market. This decision still leaves considerable
2 _0 M, R6 Z5 R1 `! q0 {/ ]- Kmonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the ) l) J, ~" y5 Y1 f
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.! m" U. a7 W, x+ I
# l) Q7 Y- ~6 h8 lGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary
& T& i( V( j/ Y& y: ^( w: T! Z4 nstimulus would have to be weighed carefully against domestic and global economic, F- p0 x- q3 m: t6 R$ A9 t
developments.4 V8 J/ U8 n- V' g8 w9 h
- r. Z0 x* Z; i7 D3 N5 FInformation note:( G- t9 d, ?! P: E0 R
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update9 W6 h$ {7 g! w V( \
of the Bank's outlook for the economy and inflation, including risks to the projection, will be
& v8 @9 S H0 o/ w/ @! Q( x; qpublished 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！