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Bank of Canada increases overnight rate target to 1/2 per cent and re-establishes normal functioning of the overnight market9 S6 X7 |4 Y, N) r
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OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
+ p% e/ G% a" b# i* Crate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
9 c7 q$ ?* E6 d) x6 Nraised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
, Z Y& h! w4 p' v4 ^/ H0 p! Koperating band of 50 basis points for the overnight rate.
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* s! O& [$ _# b- ~2 R9 \, J2 p5 F: aThe global economic recovery is proceeding but is increasingly uneven across countries, with: J; I* | n1 p4 w7 d. \
strong momentum in emerging market economies, some consolidation of the recovery in the2 m: Q7 V" E3 f8 \7 `0 q4 U
United States, Japan and other industrialized economies, and the possibility of renewed weakness
- \8 T0 m- f) q! d1 D+ y* d" Nin Europe. The required rebalancing of global growth has not yet materialized.
! ?* r8 V% `: }9 C( J6 s$ \In most advanced economies, the recovery remains heavily dependent on monetary and fiscal5 [4 t$ i7 i, `7 U; y. D3 ^' W
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
, e i. X% n2 G- }variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result( G" `% V% A' [; j
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an; r& l. }, n; s0 U% v6 R
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
$ v1 ]" N+ P6 gspillover into Canada from events in Europe has been limited to a modest fall in commodity
, w$ U: P3 K" q. n- y, k6 T7 c7 `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+ y' K5 d$ q6 ~% `2 c+ `
in the first quarter, led by housing and consumer spending. Employment growth has resumed.+ C3 W& {& J4 ]/ {2 |, j
Going forward, household spending is expected to decelerate to a pace more consistent with
v* A$ J! r9 `income growth. The anticipated pickup in business investment will be important for a more, e+ f! P( |/ a* F% o. g8 L# v
balanced recovery.2 N1 h7 L8 d E/ w
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
. {: |7 @% L }; Uthe combined influences of strong domestic demand, slowing wage growth, and overall excess
1 f: s, g2 g- D# d" ~: @$ _supply.6 u( ^# q; k: \% b H
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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- q2 s/ `+ e) I
to re-establish the normal functioning of the overnight market. This decision still leaves considerable
; c0 M) }7 q7 d5 r8 U" Zmonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
7 D) {. P9 \, a6 K0 |- o2 k+ E# r! [8 dsignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
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% @4 J. U1 G/ @# {3 KGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary
K) R% ^! X$ W2 Y+ bstimulus would have to be weighed carefully against domestic and global economic
2 ~4 Z3 g2 j C, Idevelopments.& N. ]5 I0 n$ g. l' ?; c5 ^
3 }4 R* U. S, e6 @Information note:- n8 s" p/ e" h: I7 E+ {
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update4 r5 N* r/ x' J1 B' n D
of the Bank's outlook for the economy and inflation, including risks to the projection, will be+ ~/ a- n' K0 Y7 R
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！