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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" a" b7 y3 ]1 t! @5 U5 ~
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OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight8 D& E1 \- e# ^ f6 A1 Z f/ T
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly1 N- V0 r3 @+ S" y5 l% H$ g4 ^
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
. g/ Y% l8 T% }3 C& \6 i/ woperating band of 50 basis points for the overnight rate.# p' @% k* f$ s" S! R
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The global economic recovery is proceeding but is increasingly uneven across countries, with
- \. K6 Q5 e! R9 Sstrong momentum in emerging market economies, some consolidation of the recovery in the3 R; B) u5 _9 U% ~/ v$ |4 \
United States, Japan and other industrialized economies, and the possibility of renewed weakness# c* z- ?9 t% ~* A+ h
in Europe. The required rebalancing of global growth has not yet materialized.9 r7 y% [+ ?! ^* n5 O l
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal# [* W2 v7 q4 m
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the' |; e$ n+ k, {0 U( n* |* H
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result' t% J( U/ W* H3 ]1 _: v z! Z
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an0 G; Q: V! W! z8 H( ^6 T9 y9 D* v5 n. ]
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the' D* h4 b5 E4 y' p! n* l
spillover into Canada from events in Europe has been limited to a modest fall in commodity# K! n9 A0 Y3 T
prices and some tightening of financial conditions.
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) U$ _6 u# W( o L9 v+ `Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
* |6 ^& ]0 a- @+ b9 G5 b; ^: `in the first quarter, led by housing and consumer spending. Employment growth has resumed.6 t( f, y8 l1 y3 C3 I% r4 C! @" a
Going forward, household spending is expected to decelerate to a pace more consistent with
9 k3 H Q3 `* w8 P( Nincome growth. The anticipated pickup in business investment will be important for a more; ]! }8 ], w. r+ |% Q# Q
balanced recovery.
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects. [& {" v4 O2 @2 q
the combined influences of strong domestic demand, slowing wage growth, and overall excess
! ]1 ?, b3 K' d' p# [( fsupply.; }0 i& k" G/ [* Z
! w! s: B. U+ y, u: j7 AIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and
" \) l c( N* y7 x4 H, k5 fto re-establish the normal functioning of the overnight market. This decision still leaves considerable - b. _! U# O6 {' x( J5 }& \
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
2 u2 U1 z7 I& D+ H4 E4 zsignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
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' \- P# j& r( aGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary
4 J0 h( o0 E9 P/ X5 y) u( V' s/ X9 K3 istimulus would have to be weighed carefully against domestic and global economic- }( t8 d9 c: L& G+ Y) ]' c
developments.
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Information note:0 w: D5 e; |' `- C+ e% h+ R
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
3 I' _& d2 K% [/ {/ Tof the Bank's outlook for the economy and inflation, including risks to the projection, will be, ?& ]8 |( g: B8 A
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！