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Bank of Canada increases overnight rate target to 1/2 per cent and re-establishes normal functioning of the overnight market8 c8 y U, i! z
, h* Y5 ?7 Z, f2 XOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
. p& e: b- y7 \/ P& x' erate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly1 P- M- n g' Z" c6 c: ?
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal4 R E0 r4 _+ X( T# c {
operating band of 50 basis points for the overnight rate.
4 ]* M( D9 [7 a! C, {# c7 J
# a6 a$ r! T& O, _The global economic recovery is proceeding but is increasingly uneven across countries, with& ~4 w. C# `9 \$ i
strong momentum in emerging market economies, some consolidation of the recovery in the
; L0 ?0 M; K1 Z# UUnited States, Japan and other industrialized economies, and the possibility of renewed weakness/ I) I8 U! e. L' S) r" j
in Europe. The required rebalancing of global growth has not yet materialized.5 U+ s m9 C( x8 j ?
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal
; X k2 L/ z" Jstimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
2 l2 J( g& r9 d* a3 S A! }variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
7 p4 [# M" Z2 p& p( lin higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
. p8 x- X0 _) U) ?4 {* E- Eimportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
1 O0 @, D& }- [0 m) |5 o7 xspillover into Canada from events in Europe has been limited to a modest fall in commodity4 D$ [$ o# d: Y* P; f
prices and some tightening of financial conditions.7 p) G* U8 u v5 f' a
% {5 |8 m& \) N, g" b RActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
" V5 F1 y- ]: z# nin the first quarter, led by housing and consumer spending. Employment growth has resumed.
1 _% r3 X6 _) u$ ], n, }8 DGoing forward, household spending is expected to decelerate to a pace more consistent with
+ q% o" ?( [4 o+ J8 bincome growth. The anticipated pickup in business investment will be important for a more
J/ @1 f3 e6 {% O. nbalanced recovery.
4 S' r! `; O8 e* O0 S* K
& T5 c, ^+ l3 T4 p* \8 FCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects A; ]& P. c3 d6 U! e# a
the combined influences of strong domestic demand, slowing wage growth, and overall excess! i; i# M! e b: G; T; S
supply.1 A) i/ g$ @% ~2 Y( V# o6 p2 j7 S
. k+ L* x v5 ]5 N5 u" Y" U
In this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and
. E% O( B- F/ D; l0 o# B+ Fto re-establish the normal functioning of the overnight market. This decision still leaves considerable
( M: W8 F; T7 C; z5 emonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
" H: S( N& W D1 m% E+ R% Usignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.0 ^. J! W$ C6 X e% M3 U+ X1 r
* ?8 X/ H+ @$ T: t; V
Given the considerable uncertainty surrounding the outlook, any further reduction of monetary
9 I: L6 \" E9 q8 w6 kstimulus would have to be weighed carefully against domestic and global economic
. [, J* Z8 ^: Z4 T9 G* ndevelopments.( _' U! w* h8 U# g) `
! \% r( A# \6 T% @Information note:
: [! R8 [8 L' i% p& a4 PThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
0 G% B; g. c! E6 k& Q" eof the Bank's outlook for the economy and inflation, including risks to the projection, will be
% o! q& I% O6 v4 R4 J6 opublished 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！
