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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 Q/ D* x8 B2 o
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OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight; V* n$ v) P3 ^1 U. h
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
4 S1 I' _" A; n/ u8 F" ?raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal) t* d7 h/ ~2 s: o$ w( `0 E3 B
operating 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, with5 l* K0 h, O3 i3 Z# A1 i
strong momentum in emerging market economies, some consolidation of the recovery in the
1 o- }6 q# n3 {% ^1 uUnited States, Japan and other industrialized economies, and the possibility of renewed weakness
0 P. |9 _3 k5 x$ Z! ain Europe. The required rebalancing of global growth has not yet materialized.
: k% G+ ]) o$ ^In most advanced economies, the recovery remains heavily dependent on monetary and fiscal8 D3 B- p) _" b6 R6 h
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the+ i U3 o" c5 l5 g% d6 p
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
* H( d# g& Y ~6 p6 r3 h2 N! hin higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
0 y' _! ]6 c! u- I2 {' kimportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
9 b, v* F7 ]4 d a% h( Hspillover into Canada from events in Europe has been limited to a modest fall in commodity1 _6 Q1 E/ N2 g4 a0 L
prices and some tightening of financial conditions.
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1 h1 r& d. ^5 Y3 nActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
& A7 `0 z/ S v7 D* B6 kin the first quarter, led by housing and consumer spending. Employment growth has resumed.8 v" Q% F1 }9 F( z5 D2 W% C
Going forward, household spending is expected to decelerate to a pace more consistent with% ]3 @0 t: X6 }
income growth. The anticipated pickup in business investment will be important for a more
1 Y2 o4 d2 z/ y: h- Sbalanced recovery.! h' w8 N- X" L: N; a% x
" d) v: e% |1 [% N. m4 R" \, [CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
4 G0 o9 u/ M0 F3 V6 P+ s1 R& H' ithe combined influences of strong domestic demand, slowing wage growth, and overall excess; O3 ?; q: b* F/ p* D7 I$ q' v2 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. O6 R( J* [: p+ w$ ^
to re-establish the normal functioning of the overnight market. This decision still leaves considerable , B( R3 V, k9 c) o8 w- U. _" V% l0 l
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
) S3 u& h' c {' W" ?3 D+ esignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
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0 Z% k# R' m/ p6 wGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary
J1 h6 P6 t& j/ b- f; Lstimulus would have to be weighed carefully against domestic and global economic
- b0 @% \# Y3 h" @developments.
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x, h: v1 v: _/ |Information note:
6 h, Z& B5 m0 y1 ^7 I$ |; }8 {The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
Q4 e G ~1 x: ?; eof the Bank's outlook for the economy and inflation, including risks to the projection, will be" J6 Z0 K7 m$ y x
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！