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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% A1 e9 P! F2 }+ @) s
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OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight1 X4 i/ y. e; m
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly) Y2 n8 Q, B e }0 [" N6 J
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
, d( G( F8 z j$ g6 xoperating band of 50 basis points for the overnight rate.; P4 g: U3 g, S+ }( p& ~
4 y' j N6 y: m, d. N3 ?The global economic recovery is proceeding but is increasingly uneven across countries, with, T) m* c: ~1 |! ]" w( `
strong momentum in emerging market economies, some consolidation of the recovery in the( G: K" a) A8 Z) M! s+ d* [7 ]
United States, Japan and other industrialized economies, and the possibility of renewed weakness
' H, I8 p: U9 l3 Nin Europe. The required rebalancing of global growth has not yet materialized.
5 p% f J1 G1 ]In most advanced economies, the recovery remains heavily dependent on monetary and fiscal; ?+ n% P) C( x8 _3 I4 f# W, @7 O/ ~
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
) |8 g5 }. d- w) j' U% i) @, fvariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result- T" Z Q- m3 q* e
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an% b. U7 D% |6 y. l4 R2 H
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
" t7 L, G& [3 Vspillover into Canada from events in Europe has been limited to a modest fall in commodity/ E" k) U( c/ i1 ~' o* ~
prices 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 cent$ R# _; y* G' H/ _$ t$ n- ~
in the first quarter, led by housing and consumer spending. Employment growth has resumed.
3 u7 l0 u% w0 \Going forward, household spending is expected to decelerate to a pace more consistent with
: a4 K ]: K2 |( w& o4 ` cincome growth. The anticipated pickup in business investment will be important for a more
, H x. N9 Q; m, Z% o" ]balanced recovery.
3 Q9 g0 k l, [$ |1 a$ j
0 U* I1 u8 ]3 M$ r K& CCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
1 r& q! G) a& i8 K6 ~the combined influences of strong domestic demand, slowing wage growth, and overall excess
) {) m) l) g& X) R/ P7 v' Dsupply.
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In this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and5 Q0 s# F/ N2 \4 V' o
to re-establish the normal functioning of the overnight market. This decision still leaves considerable
+ H5 f* d" h: v2 U k/ z) ^monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the ; t( f9 q5 }% C: T1 }; h# f
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 Z2 }5 R( K8 C0 N" I9 e; G
stimulus would have to be weighed carefully against domestic and global economic
) s+ [5 _/ W! J ldevelopments./ L4 e! H0 ? v; Q* V+ x0 N+ C
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Information note:
2 i9 W4 x, u0 @5 yThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
4 ?0 Z2 {5 G' `/ }4 ^5 Kof the Bank's outlook for the economy and inflation, including risks to the projection, will be
6 u2 y9 `5 m+ {8 T( qpublished 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！