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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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; j1 `- r2 ?1 o/ N3 V9 H8 \OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight6 T0 g5 e9 }6 J( P' E2 U0 q P0 ]1 V
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly0 R1 x1 I# X. d( C6 a3 D
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal& P; B9 f- r7 B9 s$ n+ I& C
operating band of 50 basis points for the overnight rate.
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' h2 {. \! Q) X. a2 mThe global economic recovery is proceeding but is increasingly uneven across countries, with9 d: y2 m! y- U0 @
strong momentum in emerging market economies, some consolidation of the recovery in the
* U1 W9 Z$ A# G) K sUnited States, Japan and other industrialized economies, and the possibility of renewed weakness
7 e7 v! m3 Q! N) J" ]in Europe. The required rebalancing of global growth has not yet materialized.0 N L+ n" \+ f( t! v' e; H
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal8 j6 B$ l" p8 n
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
+ \+ q5 _3 d3 a5 q/ Hvariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result3 g# m, v/ l0 D' d1 Q% [
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
$ E3 A9 z& W0 ]' Q' x, c' himportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the( h3 ]8 M9 t# `5 w: H- A. m
spillover into Canada from events in Europe has been limited to a modest fall in commodity0 N. p% M- L6 ~, D# z
prices and some tightening of financial conditions.1 \ d c% Q4 Q, A
# @5 S/ w3 h8 |/ m# H( [) [Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
/ Z' w- t) P+ L. Y; k! ain the first quarter, led by housing and consumer spending. Employment growth has resumed.. v9 a0 d* m8 Y. e
Going forward, household spending is expected to decelerate to a pace more consistent with* H* r% D3 R0 b( P! r6 ~: t6 c
income growth. The anticipated pickup in business investment will be important for a more
^; a& c7 e ]. ybalanced recovery.7 ~. Z- M; L! u, y0 E/ M' I' c
( Q- E8 ~- i/ ? ^. y" j8 ^/ KCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
, |& \6 u$ G) I6 \( s' n* U" Hthe combined influences of strong domestic demand, slowing wage growth, and overall excess B, C+ E8 R" U& N% ^
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
5 I4 v* A9 R5 mto re-establish the normal functioning of the overnight market. This decision still leaves considerable
" g$ f/ ~5 \7 \( H- |( q- ]' Emonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
3 N4 L! E- X, [6 b. b2 y- rsignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery." c8 c! Y6 @* ^) N2 L
/ l7 v- P( w/ [& }% P# R1 XGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary
' z& {/ n. y& P# ~stimulus would have to be weighed carefully against domestic and global economic9 v" o) @& v+ y$ }
developments.9 m2 n2 h" W! u! Q% u
; G7 z/ ~8 _+ i4 z% Q. M2 Y8 w5 `Information note:
+ \/ i# b7 \! G" o+ s! qThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update1 G5 r9 p1 T$ A1 T- T# k5 w
of the Bank's outlook for the economy and inflation, including risks to the projection, will be% e6 X& R& a" Y% K5 w* P! G
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！