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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) s) {5 k5 S# N, |! Z) V/ _
. K) V7 q) y; ?7 S4 v$ yOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight( K7 T; K; ]9 ?0 O
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
0 ]& l& |# A$ @* W3 f& U4 c; i& sraised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
; O0 O- b- l/ a7 U# v7 O8 ioperating band of 50 basis points for the overnight rate.
f& f, m6 l+ r: d& [# Y8 [: _+ b- V* L' D& o; }
The global economic recovery is proceeding but is increasingly uneven across countries, with2 [8 K! ^- D5 F- H% A
strong momentum in emerging market economies, some consolidation of the recovery in the G" r8 w6 G( {4 V+ I/ k
United States, Japan and other industrialized economies, and the possibility of renewed weakness, R3 h6 [! o$ l3 J* D
in Europe. The required rebalancing of global growth has not yet materialized.
7 K0 V0 p) Z3 _- m* [In most advanced economies, the recovery remains heavily dependent on monetary and fiscal
: \( c. O/ T) W" r3 X7 j" h; Pstimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
* k4 r& ?3 {, W+ ], ]( z: Tvariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
8 c/ a( H9 Z8 _% _+ ?in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an, }% X& E- Y0 h( R
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
9 {9 l/ c" j/ B% e' }, c, cspillover into Canada from events in Europe has been limited to a modest fall in commodity& L4 q M) o6 o# m9 }( x( s
prices and some tightening of financial conditions.% {, [! X6 ^% P
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Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent" D8 e; f- K/ a) J* d7 k! \3 y
in the first quarter, led by housing and consumer spending. Employment growth has resumed./ r" Z# q# w, `2 M
Going forward, household spending is expected to decelerate to a pace more consistent with
$ n$ A2 ~/ b: j" gincome growth. The anticipated pickup in business investment will be important for a more
: r' m. z& k% v* e7 Dbalanced recovery.+ r/ h: b7 \. w* H8 _" @: ~
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects% k- i) |& Y3 ^
the combined influences of strong domestic demand, slowing wage growth, and overall excess; W( w* D) f& Z
supply.8 P" B' D8 h, U5 X/ x
/ p" k- F5 |* p; R; H+ yIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and) S! k/ }- p% \7 `6 c: f
to re-establish the normal functioning of the overnight market. This decision still leaves considerable 3 v- z* f* E3 p% ^- `" o
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the ' t0 v8 b# ^: p& z% \1 L
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
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. B6 R& c8 s% E* V& aGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary
. d) a1 b1 y7 T: W- sstimulus would have to be weighed carefully against domestic and global economic
) O" ^: V/ `6 d" i* t' Ndevelopments., H* z, Q5 G6 N4 M R
5 m9 l1 |; c: n5 C6 |1 iInformation note:/ J+ b6 k, o0 M' p6 l
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update. a1 e3 K; Q$ A6 q& w$ L3 ^4 I
of the Bank's outlook for the economy and inflation, including risks to the projection, will be
- X; H( S9 h' ^" h$ Dpublished 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！