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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: Q! }' \* a$ y
5 q( A2 _& E7 q- l& b zOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
+ H- F8 l- e3 m. Mrate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly% K0 k0 p7 v' |$ ?
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
! v0 E/ X7 o9 `operating band of 50 basis points for the overnight rate.. a) w9 d( B" w. o3 ~
" J( |- A8 s" y( w& D' `$ GThe global economic recovery is proceeding but is increasingly uneven across countries, with
S, N! I) O8 `( h& X9 F9 ~strong momentum in emerging market economies, some consolidation of the recovery in the, i/ O, b; w* T7 I1 v# c2 _! j
United States, Japan and other industrialized economies, and the possibility of renewed weakness+ i2 f, M4 H6 H" Q4 G
in Europe. The required rebalancing of global growth has not yet materialized.
{) R! y3 l6 kIn most advanced economies, the recovery remains heavily dependent on monetary and fiscal0 r# A. l! }2 f! Y
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the7 Q* B1 H! E( I) v$ O8 V$ `
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
% ]+ g0 e) F; Xin higher borrowing costs and more rapid tightening of fiscal policy in some countries - an8 n0 }+ c) p T- H
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
* H* [; L3 S5 m2 E. K9 Mspillover into Canada from events in Europe has been limited to a modest fall in commodity7 Z2 b1 C" k) O' i) w+ c5 G) s. R. K4 v
prices and some tightening of financial conditions.
+ [2 E8 Y1 Q- I
1 i& b! F) \, e" q3 [# S e9 bActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent s$ w" j" l: M0 `
in the first quarter, led by housing and consumer spending. Employment growth has resumed.
, m7 w) l2 ^2 \2 N2 H: DGoing forward, household spending is expected to decelerate to a pace more consistent with
; Q, ?; o: z2 _! S0 Nincome growth. The anticipated pickup in business investment will be important for a more
( g/ l! p2 O2 u- V: J7 fbalanced recovery.6 r4 J0 _& w8 z' s
( F6 \1 a6 K6 }2 z; f1 p
CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects6 ^: A8 n6 o+ e; Z# v
the combined influences of strong domestic demand, slowing wage growth, and overall excess
8 O8 ~- N) k& W. w% wsupply.
' r+ O2 r$ H# Y" x7 [2 j$ ^) h* L* |# n2 W/ y+ {, X2 D
In this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and( }* q/ s* E' W5 Y! T/ U
to re-establish the normal functioning of the overnight market. This decision still leaves considerable
) o4 S6 I- P3 N8 Lmonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the ' V* N8 r, C' W* N# _* I7 Z
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
( z. q( N8 v- u. n/ V8 e* |* k4 q( p8 m7 I: e8 _, w/ L1 D+ I/ l
Given the considerable uncertainty surrounding the outlook, any further reduction of monetary
: G# P' z8 {$ j& b: E8 Rstimulus would have to be weighed carefully against domestic and global economic ]8 o! h" g0 Q/ b
developments.
1 l5 B& l+ D2 x* Z" I$ x: z/ p: w* g1 N( C: O" d
Information note:) n J8 q. W6 l4 Y6 ^/ l
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
: G" p7 }3 C+ T% `: X) b$ l4 R Tof the Bank's outlook for the economy and inflation, including risks to the projection, will be
0 I" q1 @% T2 p H, Gpublished 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！