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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% l' Z U2 ~$ X4 v/ |
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
3 P6 F/ G. H& z3 W3 h& ]: W+ t5 ^raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal5 _0 ]+ G5 h/ }, H& T, k. d/ K" J
operating band of 50 basis points for the overnight rate.
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& z3 z6 d) v/ p& h1 X4 } IThe global economic recovery is proceeding but is increasingly uneven across countries, with
3 C5 }; e2 {/ m jstrong momentum in emerging market economies, some consolidation of the recovery in the" P* p. W2 x# l9 [+ b& ~; q# ?
United States, Japan and other industrialized economies, and the possibility of renewed weakness
% e/ p3 P+ T$ Q1 e6 vin Europe. The required rebalancing of global growth has not yet materialized.
" F: |; @/ a4 `7 h" c- t P4 [1 ?In most advanced economies, the recovery remains heavily dependent on monetary and fiscal
! C i: X% U1 t# m( ^/ vstimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
" v$ x! Q0 J+ ]$ Wvariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result; M k* W) i4 ^ ?; z+ h* S) K
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an" h+ |3 _8 L2 L: ^* c3 x
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
. ^9 g" E4 K/ {( E% A" S# I: A9 lspillover into Canada from events in Europe has been limited to a modest fall in commodity3 t& v/ \% l; _
prices and some tightening of financial conditions.
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$ i' R0 A$ D% ~4 c+ uActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent0 W* K5 t1 z: A* O8 }2 W# F9 R
in the first quarter, led by housing and consumer spending. Employment growth has resumed.
5 q0 E& E7 p2 T) p1 nGoing forward, household spending is expected to decelerate to a pace more consistent with7 K! D4 M- X0 F! D
income growth. The anticipated pickup in business investment will be important for a more& y2 Q- {9 `( ~. p- n. d6 C" A
balanced recovery.7 m6 P+ ]. [) T4 d+ Y2 ^" Y
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
9 Z% v+ @, P* i0 ]the combined influences of strong domestic demand, slowing wage growth, and overall excess" L+ o" i! w- N0 r8 I9 [0 w2 W$ E
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
6 C0 w* l- q: r1 I9 l7 ]to re-establish the normal functioning of the overnight market. This decision still leaves considerable
' }1 z+ h, m. zmonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the $ _4 ? x: U8 w8 E! k, X$ U: g
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# B( }' B6 c. z# T5 ]
stimulus would have to be weighed carefully against domestic and global economic M; V0 Z$ f1 d7 k! k
developments.0 H4 R, P( _' @: ~
+ \. U- ?! O. j1 F/ }( dInformation note:1 Y% l) D4 P9 k+ T! m" B/ y
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update( H: @$ {( g8 B* m! Z% n
of the Bank's outlook for the economy and inflation, including risks to the projection, will be9 P/ a' n9 \ Q" o* {, J+ D
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！