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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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( U0 B; y* m4 a$ x* rOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
+ d9 p( v; z0 v7 s; e# E/ drate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
# `! Z* o+ Y% O$ N3 i2 Braised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal, \' c0 H7 O9 k; T' [
operating band of 50 basis points for the overnight rate.3 V% s8 T9 e" M9 f! G) k
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The global economic recovery is proceeding but is increasingly uneven across countries, with
8 ^- s, u6 A5 u K! Q4 B. ystrong momentum in emerging market economies, some consolidation of the recovery in the
) o, q3 l# u i, B( j* X) m1 hUnited States, Japan and other industrialized economies, and the possibility of renewed weakness
1 ?; F+ C- B% K; z( E6 N9 K8 }- sin Europe. The required rebalancing of global growth has not yet materialized.
( P$ |8 P5 s. q1 XIn most advanced economies, the recovery remains heavily dependent on monetary and fiscal
, f6 `" V0 K, }4 g$ f& astimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
1 N+ m$ z. s0 t! _( Rvariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result8 S2 O* [: a1 I% q" A0 T
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an: t$ I$ t1 V/ Y1 L e( h7 S
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
, w) ^! O2 y; p0 uspillover into Canada from events in Europe has been limited to a modest fall in commodity N% y& c) m' Z1 Q# V% h7 p
prices and some tightening of financial conditions.3 i1 @+ l* t s
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Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
9 {8 Y a5 H( q5 x) |- Zin the first quarter, led by housing and consumer spending. Employment growth has resumed.2 j: V. n9 X) X3 G: X. ~
Going forward, household spending is expected to decelerate to a pace more consistent with/ P# E$ }) s5 z% ]+ r. [, g; ^
income growth. The anticipated pickup in business investment will be important for a more' X0 @4 T6 r( h8 M2 }$ _
balanced recovery.+ Y+ [/ p$ }- ]" b# E5 C1 i
* d9 V; E4 R+ ]% X+ m4 I8 ]CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects5 c( d0 p1 r) l5 A* d
the combined influences of strong domestic demand, slowing wage growth, and overall excess
* x5 V; }# x1 v- l% A- R z5 ksupply.6 h; `3 f! t$ c" Y* R D2 p
* H6 V9 ]+ C$ GIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and, \ A' x6 x1 Z5 |* {
to re-establish the normal functioning of the overnight market. This decision still leaves considerable # |) ?- {' ? H8 u
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the ( A6 q) `! q0 ^8 ~3 U+ M8 j* D
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
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0 @) t; w1 l3 L! PGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary
3 J6 M1 V( l( D V3 K$ r- S( B9 Lstimulus would have to be weighed carefully against domestic and global economic
- r; L5 P0 R- i) Rdevelopments. K5 A6 u" Z& d( U& A6 {2 }: j
( T: E( L; m& K5 [/ Z3 }) b; aInformation note:" P/ |+ } d- ]7 g: Y
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
9 }+ N3 A3 y" z, Y& dof the Bank's outlook for the economy and inflation, including risks to the projection, will be7 _2 e) M6 @0 x9 z1 L1 k! R; R
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！
