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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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OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
) W! N& O# r/ M/ @3 \/ Hrate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly' ^# b1 W' `3 _
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
( Z9 I" _( N6 xoperating 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
/ {" r0 v1 K) {0 ^& O l* K# Jstrong momentum in emerging market economies, some consolidation of the recovery in the
' U9 Z# K2 k# x+ dUnited States, Japan and other industrialized economies, and the possibility of renewed weakness, S) x$ j' R4 R) J
in Europe. The required rebalancing of global growth has not yet materialized.
( j6 n' o7 D7 n1 s" mIn most advanced economies, the recovery remains heavily dependent on monetary and fiscal) g; f% K3 s+ B, N9 E6 W& U+ P' q
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
7 l. w' m, c$ ?2 i1 u$ z, D! S* \variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
: S- x/ [5 H* m. x2 Ein higher borrowing costs and more rapid tightening of fiscal policy in some countries - an; q( E W' J3 x: o- x" Z1 V
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
. ]$ w7 o* C+ a. K# b4 Uspillover into Canada from events in Europe has been limited to a modest fall in commodity' A: ], Z* _8 i `! K
prices and some tightening of financial conditions.
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Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent& s" E" i; f% z; H$ [
in the first quarter, led by housing and consumer spending. Employment growth has resumed.$ f \! V' J. _% l9 x& `* T+ _3 j
Going forward, household spending is expected to decelerate to a pace more consistent with
$ W1 @( ?+ X2 ~5 \9 tincome growth. The anticipated pickup in business investment will be important for a more
; ?( U5 D K& v$ o! K$ ^( ~balanced recovery.% x/ C, ^4 i) F- v; b" s" |3 s
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects4 c3 r8 d- G! d% _4 n
the combined influences of strong domestic demand, slowing wage growth, and overall excess3 {3 t G5 d2 q1 v( r& U* K
supply.3 M0 |9 n( p) a' g8 F8 F/ [
% q1 b" V; V) LIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and! V3 n1 E& A8 ~6 B
to re-establish the normal functioning of the overnight market. This decision still leaves considerable 1 O% Q2 q- s8 V& k7 a; T
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the $ \ ?( p z0 F
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. Q M5 ~" x2 f; J. Q: }9 d/ Q
stimulus would have to be weighed carefully against domestic and global economic
3 H( c! D9 F- V$ Ydevelopments.
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Information note:4 L+ f7 _) I- o
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
7 r. {4 ?3 a: x# @! |& Oof the Bank's outlook for the economy and inflation, including risks to the projection, will be2 h E9 o( M8 w$ K# ~/ |* G1 @) c. K
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！