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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- w* v) t" V) m$ @
* z' P# N) |; W% |7 v0 i& O, bOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight& x* l5 s! |) p; I; ^0 l$ x
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly4 F ?0 F) t; g( Y! p# `6 V9 B
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
) v3 p0 Y1 X9 R7 x8 qoperating band of 50 basis points for the overnight rate.
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+ L. I5 O4 `/ s; ^# b! t W0 n8 Y9 BThe global economic recovery is proceeding but is increasingly uneven across countries, with# ]; z6 p# ?$ Y
strong momentum in emerging market economies, some consolidation of the recovery in the/ I, o) z" o; A8 {6 x
United States, Japan and other industrialized economies, and the possibility of renewed weakness1 [% J7 {* _ G* k' K( v
in Europe. The required rebalancing of global growth has not yet materialized.
) w# P: H" l4 H) VIn most advanced economies, the recovery remains heavily dependent on monetary and fiscal
, b5 s4 ^) O) \5 o1 B4 astimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the. [0 B1 Y; a# i4 D$ f6 B# U& O
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result$ M& m3 D+ ]1 C& G
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an" B& }6 Q8 T! r- o% I$ m
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
: e9 a* r# S( d) n7 Tspillover into Canada from events in Europe has been limited to a modest fall in commodity
4 m7 U2 N& L" E5 P$ C& ?prices and some tightening of financial conditions.
5 q D6 d, R( m/ Q
2 J) J* N, n. U$ }7 b/ M& ?Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
* y5 L( V2 h% [/ ?" r/ V7 kin the first quarter, led by housing and consumer spending. Employment growth has resumed.
6 K8 \+ m2 b" N; \7 M ~/ P$ D$ uGoing forward, household spending is expected to decelerate to a pace more consistent with* V' j; S. Y$ T3 ]: W9 Q
income growth. The anticipated pickup in business investment will be important for a more
- G! r) V8 u. Y8 h/ g* Ybalanced recovery.
: Q& ^; s: w1 N, K% r
9 V6 d; g8 i+ M/ PCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects1 z* Z) U# W4 a; T9 S8 H/ p% ~4 f
the combined influences of strong domestic demand, slowing wage growth, and overall excess
h# K7 r; G$ e1 J A" P" Esupply.: Q+ V6 n3 t) S" n+ ^+ A3 D/ d
3 s. i, a, I: TIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and/ |* O: [! Y3 m
to re-establish the normal functioning of the overnight market. This decision still leaves considerable / G/ H' r$ H3 b
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the : r6 R( P* a' _4 m
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.7 f5 ]3 t* i, m; v1 b& o
g, m% L! H: N- h9 s
Given the considerable uncertainty surrounding the outlook, any further reduction of monetary2 |7 V/ ~/ Y1 B& V1 f
stimulus would have to be weighed carefully against domestic and global economic8 E. f) e% Z, h" g6 O! o/ |
developments.1 n( ?+ t$ H9 P. f6 z6 Z: @! m9 t7 }
& b: U$ e. X! g6 V) ], D0 V
Information note:0 E, l0 S6 g1 q8 O- I. F) K; J: Z
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update8 i4 T+ Y- A1 ?8 F1 G9 Z
of the Bank's outlook for the economy and inflation, including risks to the projection, will be0 J" ~1 Y9 }0 Y5 |
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！