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Bank of Canada increases overnight rate target to 1/2 per cent and re-establishes normal functioning of the overnight market6 C# O; s& }. D- I. S2 A D
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OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
+ _, i+ j- o8 l; k+ u Rrate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
' `" U/ S' z5 M+ F: j9 zraised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
4 S! d+ @) J; G- ?% [. n* m: poperating band of 50 basis points for the overnight rate.; E( c/ ^: p- D9 G0 O9 g
: K- X ^# d$ L# h* c% d, eThe global economic recovery is proceeding but is increasingly uneven across countries, with8 B+ U- ^7 M- ] Z2 E- G% y6 Q
strong momentum in emerging market economies, some consolidation of the recovery in the! i5 Z% V" l1 b8 \) p' m
United States, Japan and other industrialized economies, and the possibility of renewed weakness2 |" p! M# y+ N7 v, n$ g$ D1 Z" X
in Europe. The required rebalancing of global growth has not yet materialized., c3 x3 k) t4 p/ n9 k3 U
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal
5 j, n/ n s; {" |! }2 e( E" pstimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the' F$ Y0 d7 Y8 N0 ]5 Z" M
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result0 q$ u2 P! `% p4 D% v5 }. S
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an* D0 A* [, ], e. b
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the7 t% s- e; P6 t$ @6 q3 v: \1 x( }
spillover into Canada from events in Europe has been limited to a modest fall in commodity
1 N9 M( u. k 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 m3 L d9 \4 q tin the first quarter, led by housing and consumer spending. Employment growth has resumed.1 E$ X' v, [" l8 T9 Y/ f6 j/ {7 n
Going forward, household spending is expected to decelerate to a pace more consistent with. @7 h6 w" Z/ I2 y2 z! ^5 A
income growth. The anticipated pickup in business investment will be important for a more
3 C, B1 q: ?8 M( qbalanced recovery.
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects9 O" Q/ |) o/ ^
the combined influences of strong domestic demand, slowing wage growth, and overall excess! |& u) @7 `3 C. E1 {7 N8 P2 x
supply.- ]/ E: }) Z ]" ~4 {* {# ^
5 X. `# e7 s( A r" e2 U uIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and
4 c! B& r' x: F6 c% X) Tto re-establish the normal functioning of the overnight market. This decision still leaves considerable
2 \$ l; }( r1 M* g7 }: Amonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the " i. m) W( `7 ?( O7 s' T. B! g3 P( Y
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
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Given the considerable uncertainty surrounding the outlook, any further reduction of monetary
- A/ r. v2 J0 Bstimulus would have to be weighed carefully against domestic and global economic
" ]+ j' l/ q* f! P8 |+ u& T9 U: Hdevelopments.
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The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update7 t4 q2 I3 x `( V6 u$ M
of the Bank's outlook for the economy and inflation, including risks to the projection, will be
$ Z+ t- I- [/ q9 o: R9 P" b3 T2 U6 y3 Ppublished 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！