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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' A+ `4 n _8 K+ Q T# ^
' P, z, }+ e+ WOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight1 u3 l' n; D% a; H) ]# {
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
! B O+ o5 f+ X% \raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
4 ]" A; q$ R* [- C" c3 h7 x/ p3 coperating band of 50 basis points for the overnight rate.
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$ G S8 p: W4 IThe global economic recovery is proceeding but is increasingly uneven across countries, with6 T/ L, l2 v- { r. o( Q- l
strong momentum in emerging market economies, some consolidation of the recovery in the+ Z5 H) Q7 f8 W1 g4 V+ X# a) \
United States, Japan and other industrialized economies, and the possibility of renewed weakness
9 @" [" F# T* h! @8 e& v. Lin Europe. The required rebalancing of global growth has not yet materialized.
& [8 Q% s9 J( p# o& f* R% {) YIn most advanced economies, the recovery remains heavily dependent on monetary and fiscal
) x; H) r/ A, N: J1 wstimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
: M7 @: Q$ l- P1 @' tvariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
! J1 n1 @2 V$ `3 t0 O! F5 min higher borrowing costs and more rapid tightening of fiscal policy in some countries - an+ l/ A6 I- l& B m: K
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
8 f$ i, a, R# Fspillover into Canada from events in Europe has been limited to a modest fall in commodity
. {$ M6 M3 v' K# z' c. wprices and some tightening of financial conditions.
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p6 _ X3 r1 b$ \. V$ TActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent1 s) W5 C; h/ _& [ I
in the first quarter, led by housing and consumer spending. Employment growth has resumed.
. B! _* ^1 ^! `- D6 Y \; Z; O7 g! lGoing forward, household spending is expected to decelerate to a pace more consistent with; D/ q9 s2 R: |. t% E: p
income growth. The anticipated pickup in business investment will be important for a more' `; x/ U# E9 X9 P% p
balanced recovery.
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects+ [) C+ x6 D3 r0 s% y. M* w) K
the combined influences of strong domestic demand, slowing wage growth, and overall excess
9 }* e* v, A- R" O" J3 asupply.# E2 z; W1 J' R/ P9 z: Z
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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" O3 A0 {0 G8 P( ?
to re-establish the normal functioning of the overnight market. This decision still leaves considerable
6 z) ~ j( z! Omonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
: o0 A' V! k" G. L p! usignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
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. ~" d" G @; _) h; s# BGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary
* {! J! Z$ N9 ]5 C, t. `1 b7 H, h$ Tstimulus would have to be weighed carefully against domestic and global economic. U- e' [% K1 E& _2 j2 F& \
developments.
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Information note:
9 l# C4 D& u$ T6 h' Q( y: D5 r+ ~The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
( `6 N+ H3 K6 R- P6 Cof the Bank's outlook for the economy and inflation, including risks to the projection, will be
( f' h. s9 J; [& X8 mpublished 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！