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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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* H+ Y6 o9 ]5 O+ ?" _OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight& g- F" ?6 A$ h* X% E
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
4 x& ]7 m& |6 f' E) t0 graised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal9 G3 H$ y6 L4 W
operating band of 50 basis points for the overnight rate.
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The global economic recovery is proceeding but is increasingly uneven across countries, with5 V6 p. U, \# v2 e) s! K$ _
strong momentum in emerging market economies, some consolidation of the recovery in the# e8 Y2 l. f4 n* }0 j( ?9 {
United States, Japan and other industrialized economies, and the possibility of renewed weakness+ p! H, }0 h' i6 Q9 H1 k
in Europe. The required rebalancing of global growth has not yet materialized.: N( g- B4 k; h" m8 [& C5 z
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal5 C; @- E8 ]3 S6 |
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
( O. n7 k) w3 d- E5 X2 {variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result4 C/ w' p0 q) k' H) ?8 H) G
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an7 Z/ e% v9 [4 v! z4 k
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
' `4 r; e0 n0 X8 {9 O8 ~8 e9 fspillover into Canada from events in Europe has been limited to a modest fall in commodity
; ?" Q) J6 X6 t$ wprices and some tightening of financial conditions.
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Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent: g% K+ f* r3 F) e% v
in the first quarter, led by housing and consumer spending. Employment growth has resumed.
& P1 U) b, c6 \( b% k8 ZGoing forward, household spending is expected to decelerate to a pace more consistent with
8 U3 @2 v, @1 ~9 T: a9 x6 rincome growth. The anticipated pickup in business investment will be important for a more7 [' X" E; U! z2 c
balanced recovery.
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
2 h3 z, T" ?3 ?/ _ Z3 `the combined influences of strong domestic demand, slowing wage growth, and overall excess
# T0 ?* }. B# m9 O/ z& Q" s& x+ dsupply.
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5 A: o$ U% x$ V. X, K! @In this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and
h7 L& w3 d# Y9 F6 yto re-establish the normal functioning of the overnight market. This decision still leaves considerable
- N# L, `9 B- {! {& rmonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
$ U% l/ W% _) k/ nsignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
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& @8 Q# F; f# }, K7 Y RGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary
, d. ?; k. K4 M" wstimulus would have to be weighed carefully against domestic and global economic
- ?/ G& _' i0 Y: sdevelopments.
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Information note:
, W1 F, E3 F# s; S/ y5 W2 hThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
, L( M6 j# r) Fof the Bank's outlook for the economy and inflation, including risks to the projection, will be; N+ G7 A/ o- q: {, n9 H
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！