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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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+ |8 p1 s8 F* Z+ f& U4 dOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
9 P0 o! Y- P* Irate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
0 t0 E9 U2 P' g) e* C+ j9 m0 uraised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal; m5 m9 O" n e9 T
operating band of 50 basis points for the overnight rate./ \5 O, e8 Q W# G) h- K
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The global economic recovery is proceeding but is increasingly uneven across countries, with) `7 I' u1 W) R( {$ ]5 w6 w
strong momentum in emerging market economies, some consolidation of the recovery in the0 v, k* B, C5 Q0 \3 I0 j f
United States, Japan and other industrialized economies, and the possibility of renewed weakness
* i& q, w ~& D4 {; Vin Europe. The required rebalancing of global growth has not yet materialized.
# `: J$ ~) ^1 D- @, PIn most advanced economies, the recovery remains heavily dependent on monetary and fiscal) U% H4 C' [9 t
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the0 g* ]: _6 E( h- C( y7 u7 G
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result- [, [9 b8 W6 e# A6 V% z& {' N
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
) V+ Y N- j3 y4 ^9 `3 s& cimportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the3 U4 T$ q: k+ \
spillover into Canada from events in Europe has been limited to a modest fall in commodity
v) V# [6 a! o4 f3 w% y) m" Rprices 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
) }& I- R; I0 xin the first quarter, led by housing and consumer spending. Employment growth has resumed.
- a1 A( I5 G9 y) T) nGoing forward, household spending is expected to decelerate to a pace more consistent with
' U" R5 D/ J: O" cincome growth. The anticipated pickup in business investment will be important for a more: Z& K+ i/ o/ d& a. G: V% Z
balanced recovery.9 Q3 l7 }+ q$ }# h5 E& ]
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
8 k% j/ d+ k& w. k% sthe combined influences of strong domestic demand, slowing wage growth, and overall excess
3 Q, G- A& j/ [ Zsupply.
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/ D8 ^1 \" [3 y1 n- b% o1 |- FIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and
. {. N, X$ B: v/ }% _- p5 b$ pto re-establish the normal functioning of the overnight market. This decision still leaves considerable
- P# z' _! {8 j! }2 b' H" A: t( smonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
/ W% P; n+ z3 n6 r- j6 t4 rsignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.# Y6 m/ N: s8 l8 E( Q6 d% W
$ l% U5 Y/ R2 [7 M9 E. O6 p# _Given the considerable uncertainty surrounding the outlook, any further reduction of monetary3 Z6 g( f3 M# m2 M) b
stimulus would have to be weighed carefully against domestic and global economic7 f9 \% Z- q4 N+ `3 T) j
developments.% \; V% d7 p( V7 ?' e
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Information note:+ i+ I$ ^6 ]: }: e( d# C B6 b
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update" Q0 M0 I, |6 q+ x
of the Bank's outlook for the economy and inflation, including risks to the projection, will be
$ u: I/ C- e& r6 spublished 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！