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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
( n) r M8 h; h8 P; Qrate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly4 {$ ~6 A! \) X H2 s# r
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal, D& l, c% R/ Z/ |3 t; n
operating band of 50 basis points for the overnight rate.
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* O0 Z: ~9 n" X5 a, F: jThe global economic recovery is proceeding but is increasingly uneven across countries, with4 Z7 m( z' M% U6 |* f
strong momentum in emerging market economies, some consolidation of the recovery in the
. t5 O5 L% P$ g( `5 gUnited States, Japan and other industrialized economies, and the possibility of renewed weakness& @, X$ O, b% j$ T3 t
in Europe. The required rebalancing of global growth has not yet materialized.
$ B" }& P- K( d& O2 O# r* sIn most advanced economies, the recovery remains heavily dependent on monetary and fiscal
+ y1 p( F- k; b' B, |! a5 rstimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
. j7 l4 U7 f& Mvariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
% C, X y. g9 `6 h. G `' `in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an% |$ W% K" n# j1 J3 B' U
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the) T0 I' E9 f( W& k! Z2 ]2 o# j- G
spillover into Canada from events in Europe has been limited to a modest fall in commodity
6 v: J, I' E. K) _ D% [# eprices and some tightening of financial conditions.
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Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
2 {0 c$ G- r) v+ u, C" ~# P. ~in the first quarter, led by housing and consumer spending. Employment growth has resumed.7 W- B# X5 G5 p. ?) A
Going forward, household spending is expected to decelerate to a pace more consistent with
8 B" C; d: S1 _8 l7 J& Fincome growth. The anticipated pickup in business investment will be important for a more
& [2 O1 b2 |8 Xbalanced recovery.
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+ G) T% d5 W' a, C2 o( p7 R) UCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects6 O9 a, X3 r2 g9 |: T5 H
the combined influences of strong domestic demand, slowing wage growth, and overall excess
: m& h8 F: W+ D' A$ @# Zsupply.
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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$ P; a# g) V u6 ~4 |1 ~
to re-establish the normal functioning of the overnight market. This decision still leaves considerable ( m; u' e8 q& y% Y# Q
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
6 \* ~" ~! c7 G v6 Vsignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.3 C) N4 W' g3 b \/ V
6 ~! M# i9 W* ~7 n7 U* L+ ZGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary& P+ G& _: Y T7 G
stimulus would have to be weighed carefully against domestic and global economic) l r( i# a" P" J
developments.- l9 h6 G- r/ W) `. m
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Information note:
4 ^4 S( q, a! @5 EThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update. S5 j8 W& X' i1 `2 c5 }- j! X
of the Bank's outlook for the economy and inflation, including risks to the projection, will be# A( C6 F Z( y1 O& z' v' J# c# H
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！
