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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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OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
5 c- F. S$ R! q ^rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly: k% E4 S/ _( K8 U* _: u) i: B/ `
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal' a* w8 F U% u/ t
operating band of 50 basis points for the overnight rate.
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The global economic recovery is proceeding but is increasingly uneven across countries, with! [( ]: G6 h2 U# O1 |- K& F4 s/ t
strong momentum in emerging market economies, some consolidation of the recovery in the! ?- ~) O/ Q3 v
United States, Japan and other industrialized economies, and the possibility of renewed weakness' N% e$ [5 }) Z8 M& \
in Europe. The required rebalancing of global growth has not yet materialized.
/ x9 x. b/ A1 ]7 P5 l; B: zIn most advanced economies, the recovery remains heavily dependent on monetary and fiscal
* x2 _) [ }$ d! {4 G b3 H: F4 istimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
5 Q. [0 M+ D" P. b$ Wvariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result, \+ M/ i5 w: ~ K+ J
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an- |' p2 S9 Z* K
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the4 F2 k3 S" `+ Q+ G$ z7 H" v( R
spillover into Canada from events in Europe has been limited to a modest fall in commodity& j+ ?# D" f7 a5 v
prices and some tightening of financial conditions.9 b; ~5 q" o" F* a8 H
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Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
2 l3 R# p7 g& }2 cin the first quarter, led by housing and consumer spending. Employment growth has resumed.
7 I0 G% T: L7 q" |$ g$ UGoing forward, household spending is expected to decelerate to a pace more consistent with
7 _5 k9 Z4 f8 \6 G% {! Uincome growth. The anticipated pickup in business investment will be important for a more1 A: F6 e9 _/ x
balanced recovery.
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5 G3 ~# V- x( dCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects. M T$ h, O2 @# V. J7 [6 A. S9 b
the combined influences of strong domestic demand, slowing wage growth, and overall excess/ ]$ b: a+ @; S5 l
supply.
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$ ]+ @* i' k8 G! N- \; |. F1 E% cIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and
# m; M3 r$ s8 P$ Z( xto re-establish the normal functioning of the overnight market. This decision still leaves considerable
! i3 q8 P/ d& {2 R+ v/ bmonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the 9 o" B* `6 e# [# ]( R% H
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) n* h( |5 b9 V9 estimulus would have to be weighed carefully against domestic and global economic
# Q h7 W7 n( C! x9 n8 Rdevelopments.
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Information note:7 i* r/ c1 j5 z6 f- R
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update- M" }& L0 F& Q
of the Bank's outlook for the economy and inflation, including risks to the projection, will be
9 b1 x$ b( z* c( {; i; j" spublished 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
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