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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( z! O0 L- J& m; I* s& Z
) c- G/ p" ~2 r4 |1 r* TOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight D4 |0 v* [- h$ ^% c3 r( ~
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
1 X5 w, j a* t# w" H! rraised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
. D* r& t2 ?5 C5 e/ b! Boperating band of 50 basis points for the overnight rate.4 E( l. D( |3 X+ _. s8 |2 L% o
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The global economic recovery is proceeding but is increasingly uneven across countries, with
1 ]1 Q1 \3 I" Xstrong momentum in emerging market economies, some consolidation of the recovery in the
7 s" R$ j/ p# d7 gUnited States, Japan and other industrialized economies, and the possibility of renewed weakness7 l9 i+ X" A! A
in Europe. The required rebalancing of global growth has not yet materialized. T0 v- \2 P' g# A- Y* o, C( b1 N
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal$ K* _: L) \6 B# g0 |, S
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the4 y& B" Q( O9 |8 F* Z
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result" u% z2 i4 ~7 h3 A( T2 l3 @
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an" l5 u( |0 u1 t* Y1 O
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the- ~( {4 G* H$ Y- ]3 |, i/ {
spillover into Canada from events in Europe has been limited to a modest fall in commodity; @- g. `+ i( G# z$ \+ d
prices and some tightening of financial conditions.. f+ m9 U$ k9 ]2 U. ^
$ F: e+ z( ?( K1 Z" G. b# bActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent' K6 b# M9 h) U$ q9 h
in the first quarter, led by housing and consumer spending. Employment growth has resumed.
+ _ t/ D) _, g- Q9 DGoing forward, household spending is expected to decelerate to a pace more consistent with
& a% A2 H% |; [6 Z$ G4 Iincome growth. The anticipated pickup in business investment will be important for a more
$ z' o: ?& @3 n; q5 q! Vbalanced recovery.7 J5 E% F" M# B% a2 p
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects" |- K6 c. Y2 k- N5 M
the combined influences of strong domestic demand, slowing wage growth, and overall excess h+ l0 A- H& v, M, L) u: U! j k
supply.3 ? X" j9 | G3 ^0 v
, [! C6 c+ p2 \
In this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and! x* {# @! W1 q. J/ j" q. u9 H
to re-establish the normal functioning of the overnight market. This decision still leaves considerable
1 K8 B. ~, H3 K& z( _monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the + o) C, F" ?8 g3 i7 j( r
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.& J+ L2 ^) w* D; `# b7 P$ F j4 j
+ P, G- P0 _/ G$ Y, e0 Z5 j% `) I4 e
Given the considerable uncertainty surrounding the outlook, any further reduction of monetary J$ s& w; `) j' s" L
stimulus would have to be weighed carefully against domestic and global economic
9 _4 j* s. b' adevelopments.( J# a0 ^6 n0 |7 }5 H% n
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Information note:( Y5 F" j$ Z% q: s& k
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
) E5 @: z1 l& q; Eof the Bank's outlook for the economy and inflation, including risks to the projection, will be8 k/ ~! E' ~1 b$ x# l4 {0 g+ v3 p
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！
