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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* S& F [& h( d* ~
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OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
; L+ s; M4 l4 `1 o! Drate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
9 Z" b' s4 t6 B: Jraised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
6 o( G" H6 z" u0 `& Roperating band of 50 basis points for the overnight rate.4 G9 h, r; m+ F& l
1 A! I. Z) ^. C2 U2 ~) sThe global economic recovery is proceeding but is increasingly uneven across countries, with
/ F8 C1 X& M- g( C9 istrong momentum in emerging market economies, some consolidation of the recovery in the" o0 V* ]0 y1 h8 k$ Z: m: q
United States, Japan and other industrialized economies, and the possibility of renewed weakness" |9 H: z) r* W) A
in Europe. The required rebalancing of global growth has not yet materialized.# S9 K- @2 ?# s7 r6 H6 f# k
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal
0 c" r6 {8 t0 C0 v# h% Bstimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the2 r5 v* }: s. y1 `- n3 {3 B6 M
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
0 @* g$ a6 ^( @' Hin higher borrowing costs and more rapid tightening of fiscal policy in some countries - an" `7 p6 v" Q# p5 S2 V# V
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
0 ]6 `% U) b5 h6 H7 m) \8 N( c- ~spillover into Canada from events in Europe has been limited to a modest fall in commodity) C3 ~7 p" x. `/ V% o7 a
prices and some tightening of financial conditions.
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" e& H4 v3 J1 H- `Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent& F3 M! L! p: z: [$ q
in the first quarter, led by housing and consumer spending. Employment growth has resumed.5 R K6 n0 _7 r0 f( G9 m3 i" Y
Going forward, household spending is expected to decelerate to a pace more consistent with- C+ [5 l4 F4 x- S
income growth. The anticipated pickup in business investment will be important for a more3 V# J* ~+ i3 P9 l# w. u- u
balanced recovery.
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Z" o* s) C1 O! zCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects3 x' Y5 G8 }; ~! j. B
the combined influences of strong domestic demand, slowing wage growth, and overall excess
9 B& R8 {: F' C. g9 a {supply.
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1 I) A4 }; K x$ P; N9 ~In this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and
; J3 D' n5 U; I4 J! Cto re-establish the normal functioning of the overnight market. This decision still leaves considerable 2 k8 {: v2 Z G2 h& }
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
, f8 ~) X0 b$ Z3 S% p3 ^) ?4 jsignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.* s4 d1 ?( `4 e. _0 d) G5 T
* o0 h% V0 M/ _: g, ^Given the considerable uncertainty surrounding the outlook, any further reduction of monetary
4 F. V. V- Z/ K9 ~) l w* gstimulus would have to be weighed carefully against domestic and global economic- }$ [6 g4 u7 H5 J
developments.4 {$ O- R. C7 B! H' Q) C* E
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Information note:2 g; [) |/ b7 D- _. r. u2 v+ n$ \3 S/ |/ b
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update* m& T! j3 X% ?5 d1 T, \
of the Bank's outlook for the economy and inflation, including risks to the projection, will be
, t. Y3 V6 k) Kpublished 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！