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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 overnight0 N& r8 a$ d o' i# i2 A/ J
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
& ]+ @8 @; z9 [- c# Z4 g {raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
* e6 Y0 ]# g" s& X' w, h6 [: p' k% ^operating band of 50 basis points for the overnight rate.
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1 {# W. v+ e# s' M& VThe global economic recovery is proceeding but is increasingly uneven across countries, with; b# q$ ]5 h4 F0 d1 A: r
strong momentum in emerging market economies, some consolidation of the recovery in the( l4 ?) C2 w$ |/ b
United States, Japan and other industrialized economies, and the possibility of renewed weakness5 C3 s6 C O4 i; ^
in Europe. The required rebalancing of global growth has not yet materialized.% X0 X: O) F I& r/ W- {
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal
3 U1 O+ r6 W$ bstimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
3 Z8 d" u7 Y# z" i6 cvariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result1 L, c1 x2 h* P# o
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an* p n1 p5 k0 M2 p
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the" x- d, b5 c! s2 a) K( f" S
spillover into Canada from events in Europe has been limited to a modest fall in commodity. g3 `7 f @, x6 P
prices and some tightening of financial conditions.: ~8 {2 J" [2 [& _' e9 L
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Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
( m! z/ Q* l7 H @* M5 |in the first quarter, led by housing and consumer spending. Employment growth has resumed.# y$ C! T. e6 S k6 ^; x/ p
Going forward, household spending is expected to decelerate to a pace more consistent with
8 K; o* T; }, v' a; {% O. _income growth. The anticipated pickup in business investment will be important for a more
* H' N# w& p6 lbalanced recovery.# q% S' c1 F, Q& ]2 m2 [) }' [
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects+ r- H# u% Q' ^- m0 s
the combined influences of strong domestic demand, slowing wage growth, and overall excess0 p0 `. k9 f6 s3 e. z* t
supply.% h, _9 e* { k* f
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In this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and6 A% v3 @: f& Q+ `9 i
to re-establish the normal functioning of the overnight market. This decision still leaves considerable / z( Y' m$ C5 M/ w3 C
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the 0 Z6 T5 r) r0 }$ v$ l7 m
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.$ S+ D$ c0 V0 h, W
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Given the considerable uncertainty surrounding the outlook, any further reduction of monetary
3 w/ ]* n% {2 G( ~" d% zstimulus would have to be weighed carefully against domestic and global economic0 w2 X5 R) l. I
developments.
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Information note:9 g& ?( k0 V# A* |) M! w
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
9 B/ ~# S! z0 F- j( L; Q- d2 s* nof the Bank's outlook for the economy and inflation, including risks to the projection, will be
# e! {: y k: ipublished 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
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