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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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9 ^$ W) E; R# n3 K6 g1 }, B- L# JOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
$ B) [; d7 b0 H3 ]1 i. ^; d1 xrate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
1 D- y: O4 i+ t( \+ craised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
6 G! K& g( k/ H% }operating band of 50 basis points for the overnight rate.
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7 F* k' H2 y" O( gThe global economic recovery is proceeding but is increasingly uneven across countries, with
& I6 k4 I, [( T+ X8 s dstrong momentum in emerging market economies, some consolidation of the recovery in the
8 O5 S4 V$ v7 TUnited States, Japan and other industrialized economies, and the possibility of renewed weakness' Q g! R/ i, r. @8 x: D( y& b
in Europe. The required rebalancing of global growth has not yet materialized.) `' S( |) Y$ a* y
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal5 H- _ \1 D# F
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
5 ^9 _, C- }9 X) ` k7 jvariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
: K4 w4 G( y9 u7 x. G$ ^in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
4 v) D! H$ i5 a, R- n0 l9 L7 iimportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
0 x+ s3 Z% e- D. ?: Wspillover into Canada from events in Europe has been limited to a modest fall in commodity( x3 u6 u& Y+ M" B/ y0 v
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 cent2 C. Z6 P+ r9 i8 y) U! X3 g" k
in the first quarter, led by housing and consumer spending. Employment growth has resumed.
! O1 z. o# y% ^Going forward, household spending is expected to decelerate to a pace more consistent with# m1 b" K8 X' @3 ?
income growth. The anticipated pickup in business investment will be important for a more
9 |0 A# N0 k. v- Kbalanced recovery.6 y6 ^: i/ l/ L, @3 u) O
" c- W) x! r9 A) ^CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects$ R, M4 i: j, z. B/ `3 |2 d) @0 J3 r
the combined influences of strong domestic demand, slowing wage growth, and overall excess1 P2 P( C. T. S, j* U
supply.
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In this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and3 M K+ E' W; L- q
to re-establish the normal functioning of the overnight market. This decision still leaves considerable : m D+ P2 E( D4 s% H
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the $ x5 E- X E0 ~9 _: U
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.6 s! G/ {- Z* {8 I
3 r, e" X" _/ X R( i4 F9 sGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary
/ G/ z: T8 V x7 N+ K% ustimulus would have to be weighed carefully against domestic and global economic
: e1 B% K+ s5 x! Zdevelopments.* t& f5 J, }4 A7 F: O, C" b
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Information note:
' Q) z$ ]" Y4 a: ^& B" ]: vThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update+ B9 d: n; E' G+ R
of the Bank's outlook for the economy and inflation, including risks to the projection, will be+ O5 M6 Q m6 |* P8 J
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！
