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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) d' O$ ^- i1 v5 [# a
y1 { o0 C7 x# t) f% \
OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
$ l- ^5 X* W/ hrate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly& d$ ~: L4 x/ n, D. \
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
0 e! s) p& M D2 ^2 l! q3 |8 Q0 woperating band of 50 basis points for the overnight rate.
( u9 ]4 ~0 y0 T; s
8 Z. J( O) g6 xThe global economic recovery is proceeding but is increasingly uneven across countries, with
2 m; q. m1 ^# Rstrong momentum in emerging market economies, some consolidation of the recovery in the
% B0 A4 G( H, p/ kUnited States, Japan and other industrialized economies, and the possibility of renewed weakness
* E2 V Z5 g: j4 J" {6 R3 p& m9 ?. Y& F) Jin Europe. The required rebalancing of global growth has not yet materialized. u$ Z! L7 _. n9 N' Y3 ^
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal
) u& A B7 H+ Y% l7 S5 T$ Astimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the* D% x6 h, c' h7 m3 B
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result m. d8 q% H* R/ Z" C( v
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an* U' U/ u4 b/ s1 K- \ |
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
' [$ l9 U& R2 c6 c# Vspillover into Canada from events in Europe has been limited to a modest fall in commodity
5 G. r& ^8 p) u4 k4 O; G! u9 F* hprices and some tightening of financial conditions.
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2 J1 C$ T6 r c! Q0 pActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
8 }, s2 l/ A5 p% L/ iin the first quarter, led by housing and consumer spending. Employment growth has resumed.5 r& y- T- ?/ N- K$ |
Going forward, household spending is expected to decelerate to a pace more consistent with
" A% j S7 N: K) f# z5 t0 lincome growth. The anticipated pickup in business investment will be important for a more
* e* C( m6 p) q7 x zbalanced recovery.
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects' v# ]% i$ A- Q5 K
the combined influences of strong domestic demand, slowing wage growth, and overall excess
/ R+ v, l# N7 {) J& X4 ^supply.
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5 a- }! T$ d* z5 YIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and
$ L7 n% K, `- c* wto re-establish the normal functioning of the overnight market. This decision still leaves considerable
4 V5 F/ w6 f- Q2 ?6 e1 X1 X5 Cmonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
O: `& k8 X& H( ?% c/ }7 msignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.) ]8 v- n& \. H& c# M" q, v: W
' Y0 `- Y6 a8 vGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary+ a+ q1 M. ~6 X0 z, P
stimulus would have to be weighed carefully against domestic and global economic
$ q% `* ?9 `; `developments.% q; m) M z7 e- z1 T1 f8 B
0 ]( A" [2 L- f2 QInformation note:
! W) _4 z) t# g' a) J) a8 _% jThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update+ M$ [* J/ d* ]5 I" g- ?
of the Bank's outlook for the economy and inflation, including risks to the projection, will be% w5 E7 J* r* b! a1 u- 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！