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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) Y2 J$ D: X5 l& `) Y
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OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
7 h1 S% x. B- @, U& trate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
( }/ T" \% d9 _. t+ j/ xraised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
( Y& u @9 G' \; ?/ Voperating band of 50 basis points for the overnight rate.8 `# M! H3 x8 `3 M* [$ O
! U0 E7 D9 m( h5 k0 ?The global economic recovery is proceeding but is increasingly uneven across countries, with
) [7 d. a# r8 W* O& |. P" E' o+ n1 `2 M& i, zstrong momentum in emerging market economies, some consolidation of the recovery in the0 I& ?6 I& ~; k( ?. E/ u
United States, Japan and other industrialized economies, and the possibility of renewed weakness
6 G% H' i Y [/ v# X- i) s% ?% i. xin Europe. The required rebalancing of global growth has not yet materialized.2 x D8 ` S/ v
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal6 a- ]% l, e- M, h
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the- T0 g7 u: w& M( b% T4 I% X
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result/ n" Q0 v6 i+ w
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an6 }0 }) F; t- Z. [3 z5 Z. s* e1 |, I
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
7 W' l8 K1 k3 ~+ q2 L/ cspillover into Canada from events in Europe has been limited to a modest fall in commodity
" Q: q+ h1 W3 C$ p$ \$ ]9 eprices and some tightening of financial conditions.0 {7 l! A- Q6 }; t3 D. I
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Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
`5 y$ D1 Z5 k% j% {3 o) i3 \in the first quarter, led by housing and consumer spending. Employment growth has resumed.
. i3 ^5 x# X& n& ~; vGoing forward, household spending is expected to decelerate to a pace more consistent with/ {; j/ t5 i2 S7 H
income growth. The anticipated pickup in business investment will be important for a more c9 J0 A1 V& T% i1 u- V0 f: I
balanced recovery.5 Y5 z/ _+ s% L Z2 V0 [+ b
! D/ x$ W2 U$ c! ~% \CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects/ k7 V7 ~# F$ v, a9 a2 C. `7 Q
the combined influences of strong domestic demand, slowing wage growth, and overall excess
; o. F( P, R7 q Tsupply.
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5 S* q4 F4 A% |. IIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and2 k% k+ K a+ @+ D( Q
to re-establish the normal functioning of the overnight market. This decision still leaves considerable * y9 ?& ]7 v; }
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
% v/ u! C& ^! Q5 f1 @significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.9 e- `3 s7 Q( p Y. }' m" L- l
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Given the considerable uncertainty surrounding the outlook, any further reduction of monetary/ X; q5 i$ v% ]3 |# U H' k% c
stimulus would have to be weighed carefully against domestic and global economic5 |0 `4 C$ {$ O8 \) w
developments.3 v$ z* a/ k! q
" w u e* B0 f) k" PInformation note:8 z5 f. \2 R7 U8 K
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update. W0 U5 P# i1 W
of the Bank's outlook for the economy and inflation, including risks to the projection, will be0 `3 `! p& X9 R' e0 P
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！