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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 overnight5 m) c/ V" R7 s1 x. ~
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly5 o3 r/ f' G9 s! u
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
9 e! p. _# @/ F3 t5 J3 Aoperating band of 50 basis points for the overnight rate.
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/ B- _7 s4 r; l$ UThe global economic recovery is proceeding but is increasingly uneven across countries, with
* F, w6 L: o6 @8 U Xstrong momentum in emerging market economies, some consolidation of the recovery in the! a5 b5 D e# |) n: V6 }
United States, Japan and other industrialized economies, and the possibility of renewed weakness
- B n; R/ Q4 h% Cin Europe. The required rebalancing of global growth has not yet materialized.
j. }; t$ r/ J+ B! @" a1 h% J9 m8 VIn most advanced economies, the recovery remains heavily dependent on monetary and fiscal( d; E0 a3 k( r- K" i S' d
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the" |7 Y1 p; x8 B: j5 h
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result( z2 ^8 ^% N3 D
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
% J/ E( q8 b7 |# p6 rimportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
) A# t7 h' O( x! P- yspillover into Canada from events in Europe has been limited to a modest fall in commodity
' u; ^* J- |, d; Q+ S& r! G6 Cprices and some tightening of financial conditions.) E' _# B' s- n- l7 ^4 m" G
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Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
' b( S6 }- J/ S# j4 f! E( {4 iin the first quarter, led by housing and consumer spending. Employment growth has resumed.
8 M* v; |6 e8 V, nGoing forward, household spending is expected to decelerate to a pace more consistent with
$ }$ V+ Q/ c1 ` Z; uincome growth. The anticipated pickup in business investment will be important for a more8 t- F# ?; p* J9 m' d
balanced recovery.
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1 j" E- p- B1 f6 w# P& x4 V, W/ l3 |4 TCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects7 M7 c, }, U C+ R0 h) |
the combined influences of strong domestic demand, slowing wage growth, and overall excess
) V, n1 A# g3 u' i% N' S9 k tsupply.) ?: e% I4 K/ v ]" O
# b8 x+ T. @/ V. V; vIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and
H! h4 g& P# Q+ J) m) x. Dto re-establish the normal functioning of the overnight market. This decision still leaves considerable 6 ^8 M$ f/ ]4 {* x. B
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
( U3 V! _4 O3 Y f; Jsignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
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8 q1 {0 P8 |+ K! E2 ?& D: R; ^0 gGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary, H; K& Q4 `$ @& e0 ~( {
stimulus would have to be weighed carefully against domestic and global economic
7 K$ P+ w' E8 _) ~; W2 O2 Wdevelopments.
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: O: b% b% k ]1 X4 ?1 d9 `3 EInformation note:7 ]2 k) \: Q/ d- F% L; N3 \
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
8 i6 ~) O! W! H, ?of the Bank's outlook for the economy and inflation, including risks to the projection, will be! g+ Q0 ]7 j& _
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！