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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& X4 M7 g" X! U |0 J
, k2 w4 w% r- d8 c6 SOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight& S: A( i) @8 |0 L7 Q+ p. s
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly1 N/ t) ?- I0 `: n" J K5 T3 K! }
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
+ u G6 b8 h1 T$ roperating band of 50 basis points for the overnight rate.
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5 w9 ]! U! \9 r+ J9 C' A% i5 DThe global economic recovery is proceeding but is increasingly uneven across countries, with- W! j: R4 M6 y
strong momentum in emerging market economies, some consolidation of the recovery in the
2 l; \- V+ ]& i) xUnited States, Japan and other industrialized economies, and the possibility of renewed weakness' a8 U: F2 X4 M) t
in Europe. The required rebalancing of global growth has not yet materialized.( I* o% o- q/ f, Y- p- `; b2 ^ I
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal' c6 R; b8 f* Z' t
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the- F) D+ K+ \8 U: R: L* R c0 d
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
- @9 T9 Y( h6 U( N1 Q, K( _in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
3 q- X' u' ], p3 f" uimportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the4 ^5 i; F6 r5 t' ^) K/ O7 o' F* M- L
spillover into Canada from events in Europe has been limited to a modest fall in commodity' f, z n0 M6 A
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
, H. F" Y( T- ?0 Z# B& d1 T: _in the first quarter, led by housing and consumer spending. Employment growth has resumed., C$ b) I+ T( }7 A' r/ K( D j& s- N
Going forward, household spending is expected to decelerate to a pace more consistent with
+ _5 `. g* A( S T/ Fincome growth. The anticipated pickup in business investment will be important for a more7 s& d s9 X/ C, x- Y
balanced recovery.3 v% G( y/ a5 R5 h4 R) }
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
5 n: w& e4 C5 H# `$ s' ^ tthe combined influences of strong domestic demand, slowing wage growth, and overall excess
" \2 ] |, ^4 \5 E4 ]2 dsupply.' h, t" v2 F2 X3 V5 E5 E4 _
2 U& n5 D5 `: p, k u6 GIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and& n( @- ]( r, Q: }+ I
to re-establish the normal functioning of the overnight market. This decision still leaves considerable " ^4 U f* P* y& ?. @8 L9 a: c2 r
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
. J/ _: y1 T) o" Y% hsignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.1 a2 D% Z3 Q& g
: F* n; R/ v X5 ^9 E$ [Given the considerable uncertainty surrounding the outlook, any further reduction of monetary/ e6 } K( b- h u0 _$ p$ r
stimulus would have to be weighed carefully against domestic and global economic
( }, _: I0 ^ J, ?9 g gdevelopments.) }$ i% x0 J9 t/ T
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Information note:
, F1 K0 r- M( {# mThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update$ k( q, Y2 |1 L& j
of the Bank's outlook for the economy and inflation, including risks to the projection, will be! e; g( h0 C; Z% ^. t/ }
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！