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Bank of Canada increases overnight rate target to 1/2 per cent and re-establishes normal functioning of the overnight market1 t$ X8 t+ x* a7 }
" ?& O3 z5 }' C: q% rOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight, N) {5 |' @; r, Y& E# I7 e4 k
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
1 w# W0 b' C( h1 @; ^' M- U, R7 sraised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal/ Z4 C, p6 P: u$ ]* x; s8 r0 n( M
operating band of 50 basis points for the overnight rate.) ?1 X$ G! w4 C# e% U; ^
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The global economic recovery is proceeding but is increasingly uneven across countries, with" L- x, j0 A+ t
strong momentum in emerging market economies, some consolidation of the recovery in the7 l/ d5 Z: |7 P2 G+ h
United States, Japan and other industrialized economies, and the possibility of renewed weakness7 h K* a' n+ B* l8 M3 e
in Europe. The required rebalancing of global growth has not yet materialized.
$ B( v q1 e3 W4 T7 z( H# GIn most advanced economies, the recovery remains heavily dependent on monetary and fiscal3 z8 A* {4 l% l+ Z( }1 h- v1 S. A
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the1 t3 v: R G: p( [$ t
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
# E% @$ [% o% q H0 H5 u6 k4 D2 z8 F; vin higher borrowing costs and more rapid tightening of fiscal policy in some countries - an- R& d- ~; d2 i" r( P: l9 Y
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
+ f# w( t7 P; j$ ?$ Zspillover into Canada from events in Europe has been limited to a modest fall in commodity4 Z1 k& K& d' ~/ F$ a1 ~0 }3 b9 q2 I
prices and some tightening of financial conditions.) p0 G8 X. W! Z0 M6 F- Z
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Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent2 Z4 Q1 S' e1 l/ f8 c. L
in the first quarter, led by housing and consumer spending. Employment growth has resumed.: h( Q# `: e9 `7 t' ~$ ^! e3 N
Going forward, household spending is expected to decelerate to a pace more consistent with5 U0 ~& }5 p" E) v% q: w
income growth. The anticipated pickup in business investment will be important for a more/ z. Y' s/ E# T$ z$ r+ n
balanced recovery.; H- Z+ X5 ^: E M
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects9 m6 }7 q8 \7 a; K0 v& j
the combined influences of strong domestic demand, slowing wage growth, and overall excess
+ H D; \) w4 ssupply.
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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- t5 M) H$ T' {6 n
to re-establish the normal functioning of the overnight market. This decision still leaves considerable
( V2 t# ~$ j' e( j3 S" Bmonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the 8 K5 l" I; @2 g0 ~ m# F0 E9 D
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# f( r2 H' X U a4 D
stimulus would have to be weighed carefully against domestic and global economic$ F/ j) b6 q5 h
developments.
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4 s2 e2 A% A% n$ V8 t8 B. mInformation note:
9 I' D w& v- [! ~' ~The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
7 _; k4 ?% \8 g$ Q- S$ sof the Bank's outlook for the economy and inflation, including risks to the projection, will be! B6 m6 S2 o9 k, M' u7 \
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！