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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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1 v, A9 X+ D+ e* q* t1 `0 K3 OOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight0 X, K9 F9 C' a
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
9 K. l( ?* r: ?! [raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
# }. a; F0 g4 K* H+ s3 doperating band of 50 basis points for the overnight rate.% U1 p% z: S9 B6 m. a3 B
& V/ ^. i/ V* BThe global economic recovery is proceeding but is increasingly uneven across countries, with
$ _0 G3 u. q5 G* bstrong momentum in emerging market economies, some consolidation of the recovery in the
/ Z3 p, [% b2 P5 `1 X3 Y; D% H/ xUnited States, Japan and other industrialized economies, and the possibility of renewed weakness
# E# T* x! \1 Gin Europe. The required rebalancing of global growth has not yet materialized.0 i1 g2 _! Q3 {" f
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal
; F4 N5 y+ t2 g$ w' h: m4 u# tstimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
3 B0 A& v0 K% I6 Tvariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
. H0 {4 W) l/ @5 v% O$ t( _* Tin higher borrowing costs and more rapid tightening of fiscal policy in some countries - an" {" Z/ ` N2 x6 ?) J
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the/ ~9 A% k( U |0 a$ d: G7 @
spillover into Canada from events in Europe has been limited to a modest fall in commodity
# P( l" ?$ c1 C; r Sprices and some tightening of financial conditions.+ J( Y( [2 c, L3 q" K
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Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
" p9 R! H$ l+ `4 H% k7 ], xin the first quarter, led by housing and consumer spending. Employment growth has resumed. |8 x$ i( P/ t0 d7 M! ~; l7 p
Going forward, household spending is expected to decelerate to a pace more consistent with* b7 j2 l; n% v4 D* d' A- [2 m
income growth. The anticipated pickup in business investment will be important for a more
3 h1 n4 V2 P. Y+ ?1 G7 v7 _balanced recovery.3 k0 Q5 c' f+ `
* Z. E% Z- o) ^7 y$ v3 l( rCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects ]. l7 w( \8 a9 D I |3 z
the combined influences of strong domestic demand, slowing wage growth, and overall excess4 {& Y5 _. D7 b! B! z, v' h8 L* |' C
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 and, K N% A! U, b! b0 k
to re-establish the normal functioning of the overnight market. This decision still leaves considerable $ q, |) H0 |4 S2 K. W
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the ! C- _" R2 j E' X9 l: T
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
8 b/ o& E6 B3 N* Mstimulus would have to be weighed carefully against domestic and global economic; A, ^8 {3 Y* ]& K9 B# [5 e3 \
developments./ B0 z' |7 m1 d- o' Z1 o
. r2 w7 p4 o, B K2 [ R7 y$ \Information note:
* i0 L9 r' N# y, aThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update F9 b8 t( R' l. E7 N
of the Bank's outlook for the economy and inflation, including risks to the projection, will be
( _6 N3 U% ^9 V% [$ npublished 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！