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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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/ A7 t3 Y! h7 N% r, q6 H! OOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight# g1 X& w+ x9 q5 _" z
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly# w" q7 Y8 B; I7 f
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
- M* c5 T; k# Z% |operating band of 50 basis points for the overnight rate.- o3 U6 Q) u( a9 y! G$ p
; ^$ j1 H' t I& u4 iThe global economic recovery is proceeding but is increasingly uneven across countries, with, i: x) D4 W9 t. X% @
strong momentum in emerging market economies, some consolidation of the recovery in the
0 |! ^2 k. s, h6 [United States, Japan and other industrialized economies, and the possibility of renewed weakness
, M- Q; O j- f, b8 i8 Win Europe. The required rebalancing of global growth has not yet materialized.3 z+ w: R5 d5 J, X
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal
" i4 \- `; O; Z2 Q2 \* b* Q o+ Z) Sstimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the8 s" C% J; a3 [& Z
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result& S: K+ s W- P. J. K$ m+ g: X
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
1 v/ R# b( v/ A2 f2 dimportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the9 s# l9 P, }4 v9 X: l4 Y
spillover into Canada from events in Europe has been limited to a modest fall in commodity- X, i1 h# s/ ?
prices and some tightening of financial conditions.8 I5 n* R2 S4 x2 ]
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Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent4 z, N! R+ I" { V
in the first quarter, led by housing and consumer spending. Employment growth has resumed.' k8 H1 f! B; V ~; ]
Going forward, household spending is expected to decelerate to a pace more consistent with9 }5 n0 w$ e+ u# p' F
income growth. The anticipated pickup in business investment will be important for a more
$ e- h, A. }, A9 D, D9 Wbalanced recovery.
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
% k: M, ~! ?1 j( H& sthe combined influences of strong domestic demand, slowing wage growth, and overall excess
5 [* l! H) ~( S% Y9 Csupply., |; S& V( s" Y) M# }, x1 ]0 U+ ?5 n
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In this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and
( E: [) Z9 P- ?. d( e' V- [2 Ato re-establish the normal functioning of the overnight market. This decision still leaves considerable
m) D/ }6 _" u# ]monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
& |2 N. ~9 D9 y7 d, tsignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.: j4 B" U; I4 D- J; I
; i. n9 O w$ U/ n4 x( }Given the considerable uncertainty surrounding the outlook, any further reduction of monetary
( \ W$ f7 W# F) |0 n5 ? Dstimulus would have to be weighed carefully against domestic and global economic
- p, n4 [* j7 a4 T5 udevelopments.2 w3 g" Q" u# b5 Z' O9 M
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Information note:
% j, _; x7 b$ c Z& M8 }* ZThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update, R4 k7 A5 @9 n9 d# D2 L
of the Bank's outlook for the economy and inflation, including risks to the projection, will be$ Q1 w0 P7 k4 I+ ], u, F. j
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！