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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( I( T& \5 M( T* i, C& {
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OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight, R3 o z, l F# P
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly3 w, o) s) ]9 q& A4 F' S/ ^
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
6 O+ I' Z; H! F$ B" doperating band of 50 basis points for the overnight rate.
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5 M8 R) O+ L( l8 a, A8 n$ w O/ OThe global economic recovery is proceeding but is increasingly uneven across countries, with# D) u, }& I% Q6 E
strong momentum in emerging market economies, some consolidation of the recovery in the
" q7 r( U& Y3 d A- q& JUnited States, Japan and other industrialized economies, and the possibility of renewed weakness5 k9 g) K! z1 W1 L& E2 t: Y9 M
in Europe. The required rebalancing of global growth has not yet materialized.
7 |& o6 Q1 J d0 _7 s6 o+ a9 m, IIn most advanced economies, the recovery remains heavily dependent on monetary and fiscal
4 q9 w- i8 C% K0 o5 w3 Istimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
+ L$ G- ]* ~+ O0 G J) T) j! ]variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result- a; a/ r1 A/ v" C! { I
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
5 s: Z$ \% H& \7 a3 Qimportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the; b( y4 @# k. a! U5 U
spillover into Canada from events in Europe has been limited to a modest fall in commodity
+ b! {8 ?$ b9 @( H6 x( vprices and some tightening of financial conditions.: R2 L' Z3 G1 c4 x% X. T, }
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Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
* J3 G6 S- j; K, Xin the first quarter, led by housing and consumer spending. Employment growth has resumed.
1 f* `. c" J5 d. `Going forward, household spending is expected to decelerate to a pace more consistent with" j$ P. }' M7 P/ `. x- Q
income growth. The anticipated pickup in business investment will be important for a more
- Y2 g- x. ^2 M/ h pbalanced recovery.+ j: O9 d3 g# ~2 g# _
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects" B) s5 k B% f5 ]8 r/ c
the combined influences of strong domestic demand, slowing wage growth, and overall excess: R/ J; z! v) \9 m+ m% S) z
supply.
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5 s* X) k4 |( hIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and9 Y+ }. O7 M/ b* T2 j: n, z. d
to re-establish the normal functioning of the overnight market. This decision still leaves considerable 9 `) s( t0 D, W0 m, q
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
0 A+ I$ A8 {+ Z/ s) d1 f0 hsignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery." V) ]# I2 T4 E$ B# p4 \! h; I7 b
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Given the considerable uncertainty surrounding the outlook, any further reduction of monetary
# t) m) w) R0 P9 cstimulus would have to be weighed carefully against domestic and global economic
. K8 c2 d" V+ a$ D4 f) Vdevelopments.
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Information note:
3 n' L. |, J% {8 e/ iThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
6 k- u% I0 L% P' o$ Wof the Bank's outlook for the economy and inflation, including risks to the projection, will be
, z, e1 x9 I$ | a; R5 Zpublished 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！