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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) n/ ]3 L9 V) \
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OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight, X$ U. I% t! k D/ H
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
9 c; k" M1 a! ?3 Graised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
; U. X% s) j/ zoperating band of 50 basis points for the overnight rate.7 N7 j' {2 Q; E- h" }
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The global economic recovery is proceeding but is increasingly uneven across countries, with
^0 J( g0 |8 q9 c. m2 c; Cstrong momentum in emerging market economies, some consolidation of the recovery in the
1 D4 ]2 F* j w+ `2 l" d7 `United States, Japan and other industrialized economies, and the possibility of renewed weakness5 S; c) a G( C5 ^
in Europe. The required rebalancing of global growth has not yet materialized.7 T' k1 G, A, v& \
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal
7 h& k# S+ C' `' _: j0 m/ mstimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the2 \0 N8 N& F1 c. m
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result( }* r2 m7 {0 l! m( P# T) E7 I# Z
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
7 e3 c8 w9 o3 G3 rimportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
6 F8 {4 P. x, n! ospillover into Canada from events in Europe has been limited to a modest fall in commodity9 e$ f/ }/ k) K
prices and some tightening of financial conditions.- _. v+ P; \# s- B* ^
' _& \( S& b0 u) _$ h2 BActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent: a, X: w( ]3 K# C$ H5 m
in the first quarter, led by housing and consumer spending. Employment growth has resumed.
5 q' p% q- h0 C/ y/ f. f1 ?$ ?! [9 dGoing forward, household spending is expected to decelerate to a pace more consistent with+ _4 {, j1 k! t; Q
income growth. The anticipated pickup in business investment will be important for a more
4 T5 R: h: S) Z/ v- xbalanced recovery.
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# _" K" S1 Y4 f: Q# e* MCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects: j) c5 [8 m @- ]3 q" X2 Y
the combined influences of strong domestic demand, slowing wage growth, and overall excess2 t& z7 Y; o, X7 h
supply." L5 S3 V0 h$ G* t% O* s8 _2 N
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In this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and
2 u1 C; Q( D2 H; ]6 Tto re-establish the normal functioning of the overnight market. This decision still leaves considerable % p$ M0 y" b" Y: g5 y
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the . J, m; e5 C' r( K2 d: T
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
7 O4 w, D' F, w. _" C0 [& ?5 M- S1 {7 h. F+ l. K2 E3 S8 R
Given the considerable uncertainty surrounding the outlook, any further reduction of monetary
, R1 ]" c' X4 L" b2 B% {3 P, Istimulus would have to be weighed carefully against domestic and global economic
+ Z% \) g$ |" Mdevelopments.& ~. g1 b. \" |. `% a) \( ]* [
/ B/ Q: m% T3 B: zInformation note:
, `/ v0 x, X$ {5 ~- f3 s. R, GThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
% O0 U/ d$ [5 D0 aof the Bank's outlook for the economy and inflation, including risks to the projection, will be3 b$ \5 }( ^# |% S3 `! F+ C
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！