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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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7 o8 m0 L" [ ]1 u8 X9 h5 [: W1 @OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight, ]5 \% s# I. b: C) V
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly% O: i" v+ U0 y- \. {
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
0 s2 Z/ ^& G0 q; \( F5 uoperating band of 50 basis points for the overnight rate.
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$ d* A* i/ E- oThe global economic recovery is proceeding but is increasingly uneven across countries, with |3 y, s2 d4 Q5 U
strong momentum in emerging market economies, some consolidation of the recovery in the
* U7 Z! h3 [; M" S& `United States, Japan and other industrialized economies, and the possibility of renewed weakness
& D& S. }1 O$ |( j5 K+ I! Bin Europe. The required rebalancing of global growth has not yet materialized.
' \1 X* u+ B2 c5 ZIn most advanced economies, the recovery remains heavily dependent on monetary and fiscal7 @) {3 t9 W2 b
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the7 d. k+ _) r2 K: X
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result' j0 @; L2 U2 O* P j
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an. f9 t3 U" ?. p2 @. m% C" H( n" F ?
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the/ g0 d. N1 P1 J- ^- e! ^1 S
spillover into Canada from events in Europe has been limited to a modest fall in commodity
& r9 ]; V M8 c' `prices 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
/ D) e# Z1 O% B. jin the first quarter, led by housing and consumer spending. Employment growth has resumed.9 P2 \3 a3 X( m5 f* v) w1 J2 n% Z
Going forward, household spending is expected to decelerate to a pace more consistent with
6 X0 F- X% H, e7 o+ l. E8 I- lincome growth. The anticipated pickup in business investment will be important for a more, n) m( h5 E4 F# k$ S2 R# n
balanced recovery.
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects) B, S6 k' a5 C: r& t8 g
the combined influences of strong domestic demand, slowing wage growth, and overall excess
2 {. q' b: C$ U. f; _supply.
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( q9 G: @ F* `7 fIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and- J2 n( v2 _ C2 }( d
to re-establish the normal functioning of the overnight market. This decision still leaves considerable
4 h% Q3 p6 k5 ?/ n& e5 y. w" cmonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
- E3 y* b* B* w8 p( usignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
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& O) K7 J2 m# zGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary
J- i1 P9 M; f7 Zstimulus would have to be weighed carefully against domestic and global economic, E0 Q+ E4 @! M0 _0 p
developments.4 T6 e s! G$ x/ m, v
2 t" \9 N' _( R$ Z3 `! L* Z4 I4 @Information note:1 o; @/ o3 v( M% I5 \# P
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update! a/ A5 W, v+ Z w2 W
of the Bank's outlook for the economy and inflation, including risks to the projection, will be
! W9 m" |% @8 @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！