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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 overnight6 G0 v) g7 W/ H2 H: v" o2 @
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly$ q& S. @& Y7 F& ]
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal7 ?) {; N& f' S( E- o
operating band of 50 basis points for the overnight rate.2 f5 j: ?. |/ t) @/ Z6 G
v8 u& T% o: P: W5 ]8 V+ qThe global economic recovery is proceeding but is increasingly uneven across countries, with
$ q& d& W! F" ?" R rstrong momentum in emerging market economies, some consolidation of the recovery in the4 ]: U: r% x$ t+ }: p
United States, Japan and other industrialized economies, and the possibility of renewed weakness
! i# P3 I% k. x' T* Win Europe. The required rebalancing of global growth has not yet materialized.5 T, t9 D' M* s
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal
& E2 [/ ~! N$ Dstimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the$ C' r% c9 f6 }: f5 R, ?( w+ m5 J% Y
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result2 c4 ^3 I; ]* j8 J7 i
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an* @4 V2 i" U# S; G& ^; Q
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the) F8 W: ]1 ]! R d4 k6 B% m
spillover into Canada from events in Europe has been limited to a modest fall in commodity
; M1 }" n, U/ F! v/ }0 e, b' m) Qprices and some tightening of financial conditions.7 x( e- G! X9 _5 q
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Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
/ s( g2 j/ v) k/ o0 R5 nin the first quarter, led by housing and consumer spending. Employment growth has resumed.
( A8 U/ D$ U) p4 A6 X' }. u$ U' {Going forward, household spending is expected to decelerate to a pace more consistent with* K+ G9 V, Y4 k$ f% T+ @3 N: K
income growth. The anticipated pickup in business investment will be important for a more' I8 C, g) m' i5 n4 Y2 F; [7 V8 R& A
balanced recovery.+ |' p3 i# m6 m
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
" U( c. b* |. _/ y8 w4 [2 q. r! O& R: xthe combined influences of strong domestic demand, slowing wage growth, and overall excess7 Y2 n, A* A# U' a+ M' {
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+ P8 g' ^5 t+ j/ n) R
to re-establish the normal functioning of the overnight market. This decision still leaves considerable
. o" ~7 x5 Q+ [1 p4 [, Fmonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
& K6 M7 l5 x$ a2 D; l# V0 |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
/ I7 g; ^, j$ @6 Ystimulus would have to be weighed carefully against domestic and global economic E! V3 w+ W* B1 s m8 J# n
developments.% J1 x+ s7 X$ c8 {+ D* r
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Information note:4 U1 B3 a' m* B
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update$ F4 m+ ^; J; L- {
of the Bank's outlook for the economy and inflation, including risks to the projection, will be4 e K$ Q8 M3 W4 T: Z* N! v
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！