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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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OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
) a6 r1 a9 p {) Zrate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
1 ?' I' U: B6 C9 M: Y8 \$ ?; qraised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
' v4 {8 D# m5 }# Woperating band of 50 basis points for the overnight rate.) w9 g h: l1 N" h+ Z/ c; {+ O
5 { v+ O& v9 i2 v- a) J+ M8 ^The global economic recovery is proceeding but is increasingly uneven across countries, with
0 ?& I4 q: v- |7 vstrong momentum in emerging market economies, some consolidation of the recovery in the
+ H* g! O9 N) D- I2 P& UUnited States, Japan and other industrialized economies, and the possibility of renewed weakness
) f ^5 ~" U4 yin Europe. The required rebalancing of global growth has not yet materialized.
( K) F/ F! Y R8 h( [In most advanced economies, the recovery remains heavily dependent on monetary and fiscal' t( }! e6 j5 _" q) v1 G4 C2 M9 b
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
5 N$ z8 u- K/ p1 C4 g7 bvariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
* O' d) b9 W! m9 t3 V1 I9 ain higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
$ w' A6 \2 h, r9 @6 ]0 y) _important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
6 Q3 `% [. R* [2 A3 jspillover into Canada from events in Europe has been limited to a modest fall in commodity
2 |2 l% R7 O4 E/ s7 p' ]: }: S2 b4 ^prices and some tightening of financial conditions.
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7 J, G; o$ ]4 u9 }# P( n% rActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent3 e8 a+ p4 p8 }8 y- A: O
in the first quarter, led by housing and consumer spending. Employment growth has resumed.1 t2 r- T Y J
Going forward, household spending is expected to decelerate to a pace more consistent with) h: k1 g7 r1 ]8 M
income growth. The anticipated pickup in business investment will be important for a more
2 ^( d8 Q: m; T# @( [2 h4 Jbalanced recovery.7 X2 d1 m' ^- V' L
+ K* f' Q( J& |CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
" d# W1 Y+ Z* k X1 Uthe combined influences of strong domestic demand, slowing wage growth, and overall excess+ b/ I* o/ h& ?# [
supply.
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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
* [! h, G( |) k+ S: t7 Oto re-establish the normal functioning of the overnight market. This decision still leaves considerable 0 h0 a0 n+ C7 p; A8 [5 X8 |4 b9 {
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
9 W+ l0 t- u0 w; i. Tsignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
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, R7 t" ?1 _& O! l' ` Z# |Given the considerable uncertainty surrounding the outlook, any further reduction of monetary
# P' ]/ _6 ^' V0 s# Wstimulus would have to be weighed carefully against domestic and global economic1 N0 O" N- v7 @/ o3 j+ Z5 [
developments.
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Information note:( \/ _$ L+ p, d$ K) l- d
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
3 q: x. u0 k3 O1 y* Iof the Bank's outlook for the economy and inflation, including risks to the projection, will be1 b9 m( E5 J: ?% T8 i2 o
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！