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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" N4 o. z- T$ p' q
* I' m T+ x2 `- b" c/ p4 M5 L" e: SOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
. S' s" E, B3 B2 }6 X6 v4 A' Prate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly, O9 `! s. E4 ?, }+ O) \, q* p
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
, A% V" M- {, W- Xoperating band of 50 basis points for the overnight rate." _5 R+ ?/ n2 V
% W5 N! X& Z0 l: f0 N6 ` D R0 B9 oThe global economic recovery is proceeding but is increasingly uneven across countries, with; h7 R, V) Z' Z1 q! U
strong momentum in emerging market economies, some consolidation of the recovery in the, U. ?7 X5 O- }+ }" y# m
United States, Japan and other industrialized economies, and the possibility of renewed weakness
Y# |1 u# U& E( @* l/ _in Europe. The required rebalancing of global growth has not yet materialized.5 Z8 }) p6 S# _
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal
: }: T1 m9 I. E2 ?. E4 pstimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the( j( T% R) s1 V) R- [
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result! V8 K+ Q/ _& c- K! z) L; ]
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
9 ]8 Q7 F) l1 p8 ?- F+ ^& ]* }4 Simportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the; a/ n B* ^, @
spillover into Canada from events in Europe has been limited to a modest fall in commodity7 r- B0 _. @1 K) Z: r/ p6 C
prices and some tightening of financial conditions.
' k, o% F- x- }2 s* `( s8 O7 A" v, s- r
Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent/ ?, W, W7 f" ^( P' R+ x
in the first quarter, led by housing and consumer spending. Employment growth has resumed.
% i1 L0 Z4 d3 A2 x& l( ?, f9 qGoing forward, household spending is expected to decelerate to a pace more consistent with" F( |* r0 }# M( R; q
income growth. The anticipated pickup in business investment will be important for a more
2 c1 P: d$ `9 m0 o7 Obalanced recovery.9 Q3 O1 R5 {" R, o+ B
5 k( d v2 v7 W% p$ i* fCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
3 J" t; ], ]7 _' Z" K. h% E; i7 jthe combined influences of strong domestic demand, slowing wage growth, and overall excess9 m1 ~5 n: D6 S: K9 ~/ n
supply.
0 [1 i- }( U, u: s0 v; o) h
0 p. C5 n; }7 @6 Y" r" |5 }In this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and7 _ S3 P; l( [' Z; h) x3 Y
to re-establish the normal functioning of the overnight market. This decision still leaves considerable ! V* G* N) k7 _' ?( }
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the 7 h5 S* A* D3 ?% j# q* I
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.: R& |4 I9 x* G* l$ K% @0 X# \5 X9 ]
& q9 @7 ~5 N% V$ e; sGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary
, ^3 S3 n8 }4 o A9 ostimulus would have to be weighed carefully against domestic and global economic
( x6 J# `: H! T; Q" I! ~developments.
e' X5 L3 a! Y5 c l; [
, Q `$ L- u3 lInformation note:
2 X" W1 v& s$ ~: l% ^* _% d4 j; xThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update6 S: ?9 V) }# D3 `0 I8 |+ u
of the Bank's outlook for the economy and inflation, including risks to the projection, will be
1 `' V. \0 E6 G4 Q4 x& ?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！
