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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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0 L+ {0 A: f U8 t4 ?! IOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight1 R7 U' q/ z& z
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
4 t( E+ s4 u0 Rraised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
* b- b( M; N/ a/ Toperating band of 50 basis points for the overnight rate.
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The global economic recovery is proceeding but is increasingly uneven across countries, with
; k, p% G+ g, o3 L8 [: ^: |4 K2 xstrong momentum in emerging market economies, some consolidation of the recovery in the' j; H) ^6 K" ^9 n/ n" i
United States, Japan and other industrialized economies, and the possibility of renewed weakness
! ^9 [, X$ Q2 w) @in Europe. The required rebalancing of global growth has not yet materialized.; M) I7 ?% B- Y: N( Y
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal) J- I6 q4 H3 d6 W# C3 s
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
/ y4 |- }* C" _; t9 B% B; _variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result+ f! A- l" W& ^* Y' N) A, k" Q/ c7 a
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
* I9 H/ j( M c0 O# h; _3 qimportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
) [$ P8 x0 z/ ]& U7 C/ lspillover into Canada from events in Europe has been limited to a modest fall in commodity
1 v* B( }2 I4 zprices and some tightening of financial conditions./ R% J7 I, X1 L7 K( K- ?. j
4 A8 b7 f ?& h( v% S5 RActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent8 d4 C& ^/ e# }' }3 s% @$ B
in the first quarter, led by housing and consumer spending. Employment growth has resumed.; H# _+ D+ F: y7 p4 h; B
Going forward, household spending is expected to decelerate to a pace more consistent with
+ x: D2 q* g2 d& Y. Hincome growth. The anticipated pickup in business investment will be important for a more
$ H: r8 l! |% w% H% W) ^4 wbalanced recovery.
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects$ \0 Y$ v# a- R7 Q0 |9 r* ?' B" E
the combined influences of strong domestic demand, slowing wage growth, and overall excess0 E2 _2 ~% @; c1 b
supply.8 u) B3 E# Q1 u; [; h( \1 v6 h, m& y
& U0 F. N9 F! PIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and4 F6 f2 Y0 j8 E4 o- v
to re-establish the normal functioning of the overnight market. This decision still leaves considerable
8 ^- h2 O' J$ Z, q, `( D" qmonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the 9 s& w8 V2 ?1 S- L9 F
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.7 E. \, x& p. j7 O& G- W0 [4 n
3 d# U8 T, K) |Given the considerable uncertainty surrounding the outlook, any further reduction of monetary
1 A4 b6 o' b0 D3 X' pstimulus would have to be weighed carefully against domestic and global economic
3 P- u6 b+ \3 |2 t1 c3 X$ s4 @7 [developments.7 H0 ~9 J6 |, ~1 `' F3 u' q
2 \* Q& _* H& B& FInformation note:, w6 L9 e" Y1 A4 o) _
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update8 a* D$ n9 I# b" d
of the Bank's outlook for the economy and inflation, including risks to the projection, will be: T% O. N/ E5 f3 @6 W
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！