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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
2 M8 [( A% R) ?2 U9 |# Rrate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly4 a* _/ ?& j9 O# D: U7 @: V
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal% J: B7 r4 z1 t% g" L: J* ~
operating band of 50 basis points for the overnight rate.
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/ O4 J2 u+ m' b3 H+ P8 d0 l/ m# AThe global economic recovery is proceeding but is increasingly uneven across countries, with
( i8 o2 B4 @: rstrong momentum in emerging market economies, some consolidation of the recovery in the) }0 b' j' o! q) Y9 _! u
United States, Japan and other industrialized economies, and the possibility of renewed weakness
+ v% _5 W. S/ ^/ Nin Europe. The required rebalancing of global growth has not yet materialized.) \( X- H5 I, {; b* C: W) Z
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal
$ K0 n4 C! M1 d ^' B1 H' Dstimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the" E, |: r* {$ p1 o; U
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result: B8 `% d6 w+ A5 K3 u! i8 X
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
+ O0 c7 [# ]* limportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
9 x; U0 W- y6 J( T2 E- X: v6 ~spillover into Canada from events in Europe has been limited to a modest fall in commodity
+ ^ U' A% T3 j5 v% P" Cprices and some tightening of financial conditions." e' v9 a; h( F. Z6 H3 p
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Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent7 A- k) n, o) ~1 ]+ w j
in the first quarter, led by housing and consumer spending. Employment growth has resumed.% h: T9 C Z8 X$ |/ ^7 f
Going forward, household spending is expected to decelerate to a pace more consistent with6 m# p7 q3 Q6 d
income growth. The anticipated pickup in business investment will be important for a more+ c, P, w7 ^! s& N' C4 ?& y' B* Q
balanced recovery.# q/ j e9 F. L* B4 m
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
4 F9 _' e R1 H" C- k) bthe combined influences of strong domestic demand, slowing wage growth, and overall excess
+ n- u @9 w; B* j3 N0 esupply.
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! [0 n( ?6 o7 s. U9 ]* _In this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and
7 \3 l) D( T2 Ito re-establish the normal functioning of the overnight market. This decision still leaves considerable
& e& t8 o" s( E" l- ~* h- jmonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
1 E- k( Q& @, `1 J& {4 _6 jsignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.' q, l: Q8 z7 K1 |7 r& L( d
3 ]5 M7 G& R m) x6 T+ T CGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary, `. |' I/ t) ~) p2 x7 T' @; p$ k
stimulus would have to be weighed carefully against domestic and global economic
' s% V1 q: C2 |/ R3 s' a/ hdevelopments.! T" n% q2 `! a' r# i+ b
. r! C2 H" n- B+ Y% u# iInformation note:
: e( ]5 s( Q; S8 VThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
, `3 ~$ P+ O. Qof the Bank's outlook for the economy and inflation, including risks to the projection, will be, i+ C% x8 e& j, t: A
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！