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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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4 B! b: s* f2 m4 `OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
9 [9 E z2 m& i: M7 \. O2 hrate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly: _+ ?8 c3 {! U) d1 B- B2 X% H
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
# n0 W! Y' |$ I, }) \+ O2 O0 q* Woperating band of 50 basis points for the overnight rate.$ f$ u1 |4 {2 b/ Z. }7 M1 I
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The global economic recovery is proceeding but is increasingly uneven across countries, with
5 v2 u2 c- d/ zstrong momentum in emerging market economies, some consolidation of the recovery in the
) k% b4 X3 W; H; w, jUnited States, Japan and other industrialized economies, and the possibility of renewed weakness5 t# K9 C% \7 a9 L l
in Europe. The required rebalancing of global growth has not yet materialized.
1 ^: t. _4 y0 s# b7 h/ F% HIn most advanced economies, the recovery remains heavily dependent on monetary and fiscal
) |2 h+ X& `6 \6 N: k% bstimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
* n W* ` U$ }1 R" j8 N$ Mvariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
" J: G' ?$ s* C% ?. i6 o7 _in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an, g! s) B0 Q; K* l; u
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the. ~+ e; j, x9 G% I. Y/ U
spillover into Canada from events in Europe has been limited to a modest fall in commodity1 e3 X9 a$ S- A3 Y/ V5 j$ o; z
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
. P U& _3 z! [: M, Xin the first quarter, led by housing and consumer spending. Employment growth has resumed.+ n- D. m5 a& V. B& U& O
Going forward, household spending is expected to decelerate to a pace more consistent with
0 l/ A7 f$ e2 R. v! wincome growth. The anticipated pickup in business investment will be important for a more- c- J0 ^- ~' }2 ~# V0 C5 ^. F
balanced recovery./ q: k+ o, R; Q
$ j* C" @4 m/ H+ S0 OCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
# D1 H+ Y v3 v; qthe combined influences of strong domestic demand, slowing wage growth, and overall excess
1 T& Q' |3 o7 a" P/ |3 Osupply.
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In this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and
2 j) a2 I( `: H! ]3 Bto re-establish the normal functioning of the overnight market. This decision still leaves considerable - E4 k" i+ R; Y; h5 V
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
2 ]* [& u' t p) Q1 S, Lsignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.$ I$ A w* e1 L' D B
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Given the considerable uncertainty surrounding the outlook, any further reduction of monetary: R8 G; D; ~5 W6 M
stimulus would have to be weighed carefully against domestic and global economic9 ~" }" {8 \5 C: L' U+ R$ B
developments.: h4 j) l- t4 u# s0 u
# ~) w1 X/ z+ xInformation note:. E1 Y+ v) N' j# g2 Y0 ` E
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update' l+ p& f. d7 y5 X/ V+ Z
of the Bank's outlook for the economy and inflation, including risks to the projection, will be
% P2 L, D9 i$ ]' L, opublished 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！