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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" F' h8 R, K7 v$ W) A/ [, |. m- q
- K1 r2 X# V9 b; u* VOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
N6 Q l' {7 D K- _+ }9 s* urate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly* Q% N- r8 G4 m4 a3 N
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal4 {7 e. [# P( S/ `; ^( _9 c$ o/ L
operating band of 50 basis points for the overnight rate.& D+ y, Y6 L4 }7 T$ r2 T9 s
! h- n. d% ]" B" I4 [The global economic recovery is proceeding but is increasingly uneven across countries, with
! d P# Y r! S. b. tstrong momentum in emerging market economies, some consolidation of the recovery in the
% V7 d, i2 Y0 X0 E; b+ d5 CUnited States, Japan and other industrialized economies, and the possibility of renewed weakness; J' B: R R! {% C" }
in Europe. The required rebalancing of global growth has not yet materialized.
7 T+ o; L6 N) I% @+ O7 \. tIn most advanced economies, the recovery remains heavily dependent on monetary and fiscal) l; c9 U( p! m" t, d
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the) t* }' R5 v9 U* v( Z
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result% b0 g( @: l% m) b1 J r
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
* m9 n1 S+ R; \" F: }important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
( i7 q% A' ?% vspillover into Canada from events in Europe has been limited to a modest fall in commodity! C: N: ^: J K5 Q
prices and some tightening of financial conditions.2 ^& p# Z7 r9 t7 D
9 A; X, }2 B( {Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent0 Q# [: e1 J( J4 L9 `- h
in the first quarter, led by housing and consumer spending. Employment growth has resumed.$ V1 g9 I2 E, P# t5 q
Going forward, household spending is expected to decelerate to a pace more consistent with
9 q9 z# m' e! Y+ Sincome growth. The anticipated pickup in business investment will be important for a more
( c: h# l; a* \5 sbalanced recovery.
4 W3 u' L0 n A2 H- y: I1 A7 x( K+ } C! C: }" W$ ? e' d
CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
; X/ s1 ^3 f( H. M% Kthe combined influences of strong domestic demand, slowing wage growth, and overall excess% [; Y3 d3 L( \; ^+ }
supply. h9 ]8 s% i9 l5 `
" _$ L K _. l4 d+ H
In this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and
% v% F3 u) j: ?4 W6 h$ W! zto re-establish the normal functioning of the overnight market. This decision still leaves considerable 2 W" k& ^7 P* Y' v& N
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the * a3 B& R: Z* o, A B6 s
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
8 x/ y( b7 ~/ D3 Q( w, k; ~9 u+ n; ?4 x
Given the considerable uncertainty surrounding the outlook, any further reduction of monetary4 V7 @4 e/ ?( }
stimulus would have to be weighed carefully against domestic and global economic& j% t* |6 [8 `& C) O
developments.
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- _ R2 _- @- h0 vInformation note:! \1 W) U' _' Q! N! s# t
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update; X; w1 c. ~$ C3 ?; C" |, f
of the Bank's outlook for the economy and inflation, including risks to the projection, will be2 e' Z' J' \. w9 \* B E1 Y" R5 I
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！