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Bank of Canada increases overnight rate target to 1/2 per cent and re-establishes normal functioning of the overnight market1 v O" n4 Z# ~* T5 b- \2 s# i
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OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
2 {* P: U' l( E, Crate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
# R, z! J: o6 N# C2 L5 Z% U+ @raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
; i- x0 m) W, G% Doperating band of 50 basis points for the overnight rate.( N3 M$ r$ ~* n
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The global economic recovery is proceeding but is increasingly uneven across countries, with
1 k- k0 j$ P+ S9 gstrong momentum in emerging market economies, some consolidation of the recovery in the
4 n& v5 m. w# O7 e* Q% X6 Y, SUnited States, Japan and other industrialized economies, and the possibility of renewed weakness
, l. l; W+ e; Qin Europe. The required rebalancing of global growth has not yet materialized.9 u- g) _3 R, u" S; k+ G
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal$ O, V3 Z/ D7 ]0 f. w
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the7 {" \7 G6 T }
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
$ P6 D- L+ u' V$ ]/ C5 S ]in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an |9 H* K& T) c
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the, f3 r9 r9 T2 a, H( B
spillover into Canada from events in Europe has been limited to a modest fall in commodity G3 ^& c6 W+ q X, {
prices and some tightening of financial conditions.6 E+ {; D" _5 n, N) f" @
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Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent l. b3 t4 A0 S+ P$ }2 o7 G
in the first quarter, led by housing and consumer spending. Employment growth has resumed.+ A1 ?2 B% [0 n. B/ k
Going forward, household spending is expected to decelerate to a pace more consistent with
6 ^9 o! N# z- }8 x7 \- N( e# Dincome growth. The anticipated pickup in business investment will be important for a more) I4 n/ I& i- d+ P/ T# L6 K+ a: O
balanced recovery.& c( J- {( T. s4 Y9 |
t/ w5 M) Z9 ~; j, P5 vCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects8 H$ U4 y9 j$ w4 x2 c+ S/ D
the combined influences of strong domestic demand, slowing wage growth, and overall excess
p; l- L3 Q( X psupply.
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$ x# z; ?: d$ U; j( aIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and6 b# y _, b, R/ c
to re-establish the normal functioning of the overnight market. This decision still leaves considerable : O' C0 U) h, ]
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
% d S% Y5 Z9 k G7 ` [significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.8 h( c+ z5 Y, _; C, e1 J8 K# U3 ^
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Given the considerable uncertainty surrounding the outlook, any further reduction of monetary d5 W( B% J6 C0 W7 V% S5 L8 R
stimulus would have to be weighed carefully against domestic and global economic2 f4 _8 z/ K; b
developments.
7 M/ C; n" Q0 y- p5 V3 R0 a1 A
1 y2 B4 V7 G% i. ]4 Q/ UInformation note:
: E3 V& S1 [/ P _The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
0 Q8 H5 p) G" u- ]- ?8 _of the Bank's outlook for the economy and inflation, including risks to the projection, will be
+ Q' u) z0 E+ ]$ P; k1 H. 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！