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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$ f# H7 U, }/ c5 m
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OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
$ c5 K" r8 g( o$ v: Q" mrate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly7 v, f: h& i0 s9 [, c: h
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal* ^, |$ O8 g3 a# f. l
operating band of 50 basis points for the overnight rate.1 G& W# v9 X8 W4 C- ~+ _
% Y! y: _& |; |/ b/ P1 ^( [& qThe global economic recovery is proceeding but is increasingly uneven across countries, with
, F; l! }/ `1 S* U; l# m% W. sstrong momentum in emerging market economies, some consolidation of the recovery in the5 f" R- R8 C l9 E5 m9 \5 [( g
United States, Japan and other industrialized economies, and the possibility of renewed weakness
0 `8 Q+ j6 _2 i" f9 t& I6 v+ Lin Europe. The required rebalancing of global growth has not yet materialized.: N+ x& E6 |4 U3 p( j) a
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal: a' W- ]/ H% C, v. o+ H/ _
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
" F, x' | _ Nvariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
0 H' @1 V! |/ lin higher borrowing costs and more rapid tightening of fiscal policy in some countries - an6 m9 }0 w. K1 y
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
/ |' }* s# t, x7 K/ i! Pspillover into Canada from events in Europe has been limited to a modest fall in commodity; k1 F4 H4 W" F+ H$ U0 h) L
prices and some tightening of financial conditions.
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Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
: a: E! }( G( R, R. Q2 `in the first quarter, led by housing and consumer spending. Employment growth has resumed.' O& f1 j% v- k/ V' j+ w) R1 g
Going forward, household spending is expected to decelerate to a pace more consistent with
' H3 j1 J' G) ~" Z; v, @) D" hincome growth. The anticipated pickup in business investment will be important for a more4 E! a$ V: |. W2 | p1 |" D- q" z) W1 B+ j
balanced recovery.8 U6 c, z- W: `- P" X
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
- K2 e, Z+ D' H( Y" K W1 R _the combined influences of strong domestic demand, slowing wage growth, and overall excess
V$ V: G ]( I8 ?9 ksupply.
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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
$ I3 Z2 z) c4 k& S$ v) V! j' Bto re-establish the normal functioning of the overnight market. This decision still leaves considerable " E5 G) x6 {* u6 Q+ C9 D2 ?" D8 W
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the S6 i/ g& f. @5 U
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.3 D% n* H. d% m$ `! L" |" v3 l
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Given the considerable uncertainty surrounding the outlook, any further reduction of monetary0 E0 F2 w) p8 N, O1 v3 G
stimulus would have to be weighed carefully against domestic and global economic. F/ Y! @* `9 Z. z
developments.
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" U* h) _% V! J4 SInformation note:
# j+ f' @/ @1 xThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update/ }7 x4 i- L& }( R2 J7 B; W
of the Bank's outlook for the economy and inflation, including risks to the projection, will be; p8 j6 w/ @1 X% |$ q, Y7 }
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！