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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# w. t$ h2 ]( B2 O+ _
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OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight& m2 P+ s I/ o9 Y' g0 y& f
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
! @9 _5 c( H/ D7 P' eraised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
' J. n( r) Y' f X" l( C) [. N+ Uoperating band of 50 basis points for the overnight rate.
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The global economic recovery is proceeding but is increasingly uneven across countries, with/ M" A9 K( n3 O; p: W$ P
strong momentum in emerging market economies, some consolidation of the recovery in the
+ U( a5 v/ U8 ]United States, Japan and other industrialized economies, and the possibility of renewed weakness
* F7 [6 k$ f* Z% M5 cin Europe. The required rebalancing of global growth has not yet materialized.
4 T2 u$ x! W' ^8 u( l# jIn most advanced economies, the recovery remains heavily dependent on monetary and fiscal7 N5 Z: M) m! U& A1 {
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
1 v2 M5 {" M+ v7 c2 ?8 }1 svariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
F8 `# z, d1 ?3 Rin higher borrowing costs and more rapid tightening of fiscal policy in some countries - an1 S& P8 _8 y2 a0 a+ g
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
$ T% t8 y9 v8 M# }8 Ispillover into Canada from events in Europe has been limited to a modest fall in commodity J! q0 R x0 ~: S8 I) ?2 V/ y
prices and some tightening of financial conditions." V5 M+ {0 Y) z% C t
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Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
( }1 C% N* [- A- [3 D! [in the first quarter, led by housing and consumer spending. Employment growth has resumed.; {2 ~9 g" ]9 u
Going forward, household spending is expected to decelerate to a pace more consistent with
/ }. A( j* U, h! ~income growth. The anticipated pickup in business investment will be important for a more0 x" ?% J2 ~8 Z
balanced recovery.
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects" e9 r7 ?# x$ q
the combined influences of strong domestic demand, slowing wage growth, and overall excess
7 w! }0 S! @& N) O' p$ vsupply.
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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# i1 \% T* r' T' d" j4 ?4 B
to re-establish the normal functioning of the overnight market. This decision still leaves considerable / G' B! G9 F$ X
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the ! F% ]; d+ o6 z o
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
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0 Q9 U2 m/ u7 y0 |, Y( T8 lGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary/ r2 f7 s$ ~3 N. ^
stimulus would have to be weighed carefully against domestic and global economic# C" s1 |- U( Z$ J& ^) y
developments.
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Information note:
: a1 U- I' c, `. BThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update6 H9 X- H* y) _0 D
of the Bank's outlook for the economy and inflation, including risks to the projection, will be1 ~9 ?" Z1 ~: K9 |8 z
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！