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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, }7 ?( b+ c* k3 {: ]
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OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight' T* Y1 A4 f# |4 Z
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly7 A' z$ c. M4 h" _
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
, M7 Z2 j# W5 V8 t Koperating band of 50 basis points for the overnight rate.
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* [8 C" B _ b+ ^The global economic recovery is proceeding but is increasingly uneven across countries, with
/ Y8 C# }" ]; e5 J" E9 kstrong momentum in emerging market economies, some consolidation of the recovery in the: q% r# m5 G. a# [ B) k* ?) x
United States, Japan and other industrialized economies, and the possibility of renewed weakness
. Z$ a: \$ l2 Uin Europe. The required rebalancing of global growth has not yet materialized.8 b: G8 z: [- Y0 ?$ e& l( v+ U
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal# c3 S2 l! h* s8 |& Q- d6 [0 u9 o
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
- X. a$ B5 ^4 j+ h8 J8 i" Wvariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result- x m% O) Y8 L
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
T4 i8 E9 v$ t# S8 simportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the8 z, N* q7 i8 e8 i5 e
spillover into Canada from events in Europe has been limited to a modest fall in commodity8 _# H' b! I% m! i7 a, }
prices and some tightening of financial conditions.: v( k2 V, f+ g2 Q
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Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
! A/ ~/ S$ c+ w) G# vin the first quarter, led by housing and consumer spending. Employment growth has resumed.
: q( P5 P' p5 d3 fGoing forward, household spending is expected to decelerate to a pace more consistent with
/ e7 a. U) Z' H |! P1 @income growth. The anticipated pickup in business investment will be important for a more
$ J9 z3 N+ {( R, _9 r# N) i% n& @balanced recovery.: r9 b- ?5 F4 {7 N$ f2 t
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects: E6 ?) \7 Y/ q$ L8 I' J g/ e* d
the combined influences of strong domestic demand, slowing wage growth, and overall excess
% ^/ m: V: ^& k9 H1 @supply.
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) l& @/ r( @3 H5 A9 YIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and
) s, n9 S2 F6 dto re-establish the normal functioning of the overnight market. This decision still leaves considerable . A: u$ M1 T. q0 c }; b1 m: M0 m; t [
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
/ h" t0 t8 Q# [& }significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
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. q4 Z, |5 I9 x- |# w3 ?0 I( GGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary
" {. n! ^6 O$ g; pstimulus would have to be weighed carefully against domestic and global economic0 e0 `2 n( W. r Q8 R7 I
developments.
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X. }0 N% b) a" R9 C5 O3 F, N3 ^Information note:' V; H: P/ t: m1 T9 C, i0 d- _
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update& m- M4 J# h* \9 ~
of the Bank's outlook for the economy and inflation, including risks to the projection, will be/ K8 p4 `: v9 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！