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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" }5 r( u9 ]7 G& j6 E2 ]6 X# J
1 X1 m3 _& W: G7 jOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
6 w, P, \7 Y5 \( N3 ~0 ?3 N* Drate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly4 E2 l, M1 E; I
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal" m% {1 r' V0 T9 D3 s* @
operating band of 50 basis points for the overnight rate.' @) S5 S* ^* Q6 v# v3 z1 X* j
$ i& B& s/ u) w$ T# R: yThe global economic recovery is proceeding but is increasingly uneven across countries, with
" B: I6 p* k# F$ b* G. @: i7 Nstrong momentum in emerging market economies, some consolidation of the recovery in the; ?: ]# e8 A# L; f* C8 r a% \5 O
United States, Japan and other industrialized economies, and the possibility of renewed weakness
3 u! t2 T F0 n9 t( pin Europe. The required rebalancing of global growth has not yet materialized.
y* T. I3 [4 A8 Y- O* R/ kIn most advanced economies, the recovery remains heavily dependent on monetary and fiscal
" z% F( P, N( ^: E! R7 gstimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the# W7 J' }# }& r1 w9 }4 i
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
0 s4 c, p' }: M% yin higher borrowing costs and more rapid tightening of fiscal policy in some countries - an& c3 K, N# f) O& M
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
; j" I- y' B) y# J3 [' m8 l' cspillover into Canada from events in Europe has been limited to a modest fall in commodity
( A& F7 R! E2 s$ B$ a& Rprices 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
7 S: i' ~6 [, j+ {2 Iin the first quarter, led by housing and consumer spending. Employment growth has resumed.# G7 @2 g4 y3 h" f/ c# \& Q0 k- F
Going forward, household spending is expected to decelerate to a pace more consistent with
" ]2 ?3 d$ W0 m) e* aincome growth. The anticipated pickup in business investment will be important for a more: r- r$ Y0 a5 T7 v2 m
balanced recovery.
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) s+ @# r( E( S; C/ D8 UCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
' a; Q. {6 Q1 j# jthe combined influences of strong domestic demand, slowing wage growth, and overall excess8 {% x6 g) W* P' @! k- f
supply.# u( z8 O$ T; N! d& S
$ G% P8 L5 R' y" o
In this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and
8 m6 L1 l, u6 @ hto re-establish the normal functioning of the overnight market. This decision still leaves considerable : Q8 q% B# n7 ]
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the * V3 ^* ?& U) K- s/ X
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; a! D" u9 w* ]2 f; v
stimulus would have to be weighed carefully against domestic and global economic8 V; \& R- x2 ~4 J) c
developments. f5 \8 m# {/ ]4 y( [0 k
( W- {5 W; ]% u2 g* Z9 g! \" k. SInformation note:: j/ `* z/ W% V- K1 G) e
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update1 N6 r6 F/ t( H0 H, \
of the Bank's outlook for the economy and inflation, including risks to the projection, will be9 a; I7 S4 p$ a' E/ B# i
published in the MPR on 22 July 2010. |
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发表于 2010-6-1 07:58
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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！