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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. S# V0 [' h9 [ @2 s! Z8 G
4 ?& @; J* y: xOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight3 V. w j( Y9 g, \5 j5 j6 M
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
3 m2 W! ] Y6 N( | Rraised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
8 b+ m$ P$ f: a! G7 loperating 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
0 ]' K0 U* D* G J2 B& A# Xstrong momentum in emerging market economies, some consolidation of the recovery in the+ x/ p6 T, B4 g3 ~8 X
United States, Japan and other industrialized economies, and the possibility of renewed weakness& f- W* `2 E( l
in Europe. The required rebalancing of global growth has not yet materialized./ Y5 {+ E$ ]3 }+ t. S: X8 t, R4 i
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal% @: y& q5 U6 v! c1 J, B
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
7 k7 I% Q; _: f. ^, g3 uvariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
( p* J" D' L; n; ?4 n' |# D, H- p( Vin higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
, x% V* U3 h& V+ `; qimportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
# f/ {, V' A8 M, mspillover into Canada from events in Europe has been limited to a modest fall in commodity- Y {7 z% W$ d
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
& r& U' S$ G/ p% a5 {in the first quarter, led by housing and consumer spending. Employment growth has resumed.
5 P1 s1 T: Y* o( R# {Going forward, household spending is expected to decelerate to a pace more consistent with* Y5 E# T8 L4 P" L2 T& f- t
income growth. The anticipated pickup in business investment will be important for a more
j' G( p9 K; H2 W! b" a5 b$ ~: ibalanced recovery.+ x1 G+ c5 o' Z
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
- w" _$ G8 l7 |9 Q. f$ P* }8 i) hthe combined influences of strong domestic demand, slowing wage growth, and overall excess1 [" |" _" F: X
supply.2 f4 B2 C9 k! G1 p: c$ q8 f
3 L- f2 y, z$ u- x0 B6 l& oIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and
& O, r H8 b( T$ mto re-establish the normal functioning of the overnight market. This decision still leaves considerable
, T; I- g9 y; N! Smonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the - m7 c$ V! a7 }
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
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. U2 e; Y: s: Y8 XGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary7 ?* q) c: W. F+ d
stimulus would have to be weighed carefully against domestic and global economic4 N' |( ~5 j. \7 Z- X$ I! E0 I: ?7 C
developments.
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Information note:
: A& Z- s* e: ?- D% @$ F FThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update& W. x3 E2 W# A' {$ V* Q5 X+ q
of the Bank's outlook for the economy and inflation, including risks to the projection, will be
: t1 E9 r8 J- o6 j" Jpublished in the MPR on 22 July 2010. |
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发表于 2010-6-1 07:58
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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！