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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 L! v; _' D% V1 h% j/ ^ E
# ~& j% O% N% K0 X' n3 p+ ?* gOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
) q( C( w4 b% Q$ p; |9 Trate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly/ {. T- Q# V! a5 S2 k* I) V
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal p; G" A: r4 J/ u* i0 ~
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
& Q5 I1 V3 U& i8 Rstrong momentum in emerging market economies, some consolidation of the recovery in the
' j: u! W1 Y, H/ |" c" E( ZUnited States, Japan and other industrialized economies, and the possibility of renewed weakness* D6 N" _1 F( W7 s3 A0 e( b
in Europe. The required rebalancing of global growth has not yet materialized. Z" ^( l+ K; J7 f2 U5 e9 }# M
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal
4 h' N9 v, _7 i1 z1 q! \9 L. _1 t7 bstimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the8 K0 [3 \' O9 y9 m
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
6 V& |1 j. K8 R1 B0 Lin higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
g! B: `; R7 T5 Z; ^important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the, n% I) @$ Q; L- P6 ~) z4 x
spillover into Canada from events in Europe has been limited to a modest fall in commodity
1 H% Q$ s: [$ a! V. g" V) Bprices and some tightening of financial conditions.
6 u1 O0 y# I5 h2 c& _* {# R
0 _: a$ q; A! H+ g3 PActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent/ Y, d- H( R) T: B. z2 g& i
in the first quarter, led by housing and consumer spending. Employment growth has resumed.0 K ?/ L, P' p6 k) d. F$ N( l ?
Going forward, household spending is expected to decelerate to a pace more consistent with7 e1 i. b' y& @0 h6 m! n2 ? i
income growth. The anticipated pickup in business investment will be important for a more
Z/ s1 u1 m2 w0 O) J1 g% Lbalanced recovery." s% Y1 J; A* @! W7 D
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
& x* L5 I* u( U! ^- O) W0 Dthe combined influences of strong domestic demand, slowing wage growth, and overall excess
7 L7 j% z+ c/ f0 y2 W: }supply.
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" B' \0 `# R g9 W/ A% oIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and5 }* D2 x: \3 M# Q l
to re-establish the normal functioning of the overnight market. This decision still leaves considerable 5 D) { k8 D! q) Y$ }7 w
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
. I$ p1 H( V! v, a8 e o$ C" @significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.! u1 y$ D3 \: l. z1 h! ^; Q
3 K4 \8 H( Q7 |' n' V6 ZGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary3 [0 m% B- i1 }* c' J
stimulus would have to be weighed carefully against domestic and global economic7 T% i6 Q. V A' i& @
developments." E- f( f4 ~8 \9 |1 A* P& r- t
8 M! [' ?) U6 J3 K1 vInformation note:2 d7 X7 N* w, Q* ?5 }
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
, F8 x3 k8 T1 F* N" V, {! Dof the Bank's outlook for the economy and inflation, including risks to the projection, will be
$ z, l2 _+ W# k1 U& }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！