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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. r- z0 `" T$ l% q6 P K
& Z# k2 u( N( ]8 H3 E& SOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
" L/ [% ?) n3 a, ~0 rrate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly! w& Q. U& {' b" ?$ j9 p9 z+ s$ T* Q
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal2 K3 f; Y8 H$ ?5 N+ X
operating band of 50 basis points for the overnight rate.
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: y2 A& Y1 A* DThe global economic recovery is proceeding but is increasingly uneven across countries, with6 I- H( E- V# ^5 r* X! ~
strong momentum in emerging market economies, some consolidation of the recovery in the
) }! @. s: ^0 A7 h( q. X! [( {* \+ vUnited States, Japan and other industrialized economies, and the possibility of renewed weakness9 n+ ^$ k2 v. d& K) l1 v( Z
in Europe. The required rebalancing of global growth has not yet materialized.
/ @9 H; |6 T) C& z' }In most advanced economies, the recovery remains heavily dependent on monetary and fiscal
" [5 V8 @7 ~- c0 {" {: V; m# b! _stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the( x# w Z( ^0 g5 E- ^
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
9 |2 [! v' X2 O9 B/ r/ Y% Ein higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
+ O5 p. v+ W' H/ A0 B- simportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
8 u' h/ T( r+ d5 B2 y1 _$ Q, @3 h4 ?( sspillover into Canada from events in Europe has been limited to a modest fall in commodity
0 ~, Z s' ]* u9 W' Jprices 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 cent1 N; I1 x7 c! k
in the first quarter, led by housing and consumer spending. Employment growth has resumed.
9 R" y8 {4 o# D$ d5 q1 R, i5 sGoing forward, household spending is expected to decelerate to a pace more consistent with
4 g5 @1 y6 Y) r8 M7 X) c* Tincome growth. The anticipated pickup in business investment will be important for a more
. C# {" l6 b9 T' R/ r5 ubalanced recovery. s- j5 D& u; a) x o
% T8 T4 B! Y% T1 Z) }/ _0 J
CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
! w) R" j/ W' Xthe combined influences of strong domestic demand, slowing wage growth, and overall excess) D3 t' ?$ @( C# j9 p' P- _
supply.
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9 B) I% N( D0 n6 |" YIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and
8 @+ g$ I" W. e2 {) A$ n, K! Eto re-establish the normal functioning of the overnight market. This decision still leaves considerable
5 k! c3 V: a. N1 mmonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
! M& \' u6 X0 a! }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
1 l' ^9 ]! S% z- s3 qstimulus would have to be weighed carefully against domestic and global economic7 k, k* {0 p5 g, d" X. G6 o
developments.0 z6 y$ N) e. w6 |2 i
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Information note:
) \) v% t! h& r8 t, q' wThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update5 w2 Y! Q1 h, Z8 ]! f/ C
of the Bank's outlook for the economy and inflation, including risks to the projection, will be
7 r+ H. D( I7 f1 F: 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！