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Bank of Canada increases overnight rate target to 1/2 per cent and re-establishes normal functioning of the overnight market5 ^3 ^9 a( K; T. h* r
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OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight+ O# [) `$ G/ N; G3 `( G
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly/ Q" D3 K& s2 U r p8 [' ]
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
0 x+ X5 ]# B& Coperating 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
3 M" O. O2 h( Z6 j- Vstrong momentum in emerging market economies, some consolidation of the recovery in the* G- o' m4 T A& A0 V% j' w4 p4 @* l
United States, Japan and other industrialized economies, and the possibility of renewed weakness; l) F0 O* z% }/ u d1 L5 _
in Europe. The required rebalancing of global growth has not yet materialized.
5 o5 b2 d D* q* J0 r! lIn most advanced economies, the recovery remains heavily dependent on monetary and fiscal
9 z0 |1 M& x+ p) H1 ^8 q- I9 jstimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the6 e; s) X; [6 k
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result' M; s+ W3 y- e" K7 d/ v" v/ p+ Y2 x
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an: d* r. _$ F2 v1 K' w3 ^2 P
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the; P7 U9 ~; G0 M: E+ j9 l0 c, D
spillover into Canada from events in Europe has been limited to a modest fall in commodity
8 C2 C( Q, C6 H$ q, Vprices and some tightening of financial conditions.( C7 k2 V, x, W2 _
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Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent0 [# `& X, {1 Y
in the first quarter, led by housing and consumer spending. Employment growth has resumed.0 e6 l: t7 U) m/ _6 U
Going forward, household spending is expected to decelerate to a pace more consistent with
* T/ @' H" H: M/ y& l0 U2 ~, Iincome growth. The anticipated pickup in business investment will be important for a more# C S' h; B1 p% T
balanced recovery.
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects& x) e9 N; L0 J. R) Y
the combined influences of strong domestic demand, slowing wage growth, and overall excess, A7 r) M" P" L8 B8 a
supply.
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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' N7 h6 U3 e6 V8 s: z
to re-establish the normal functioning of the overnight market. This decision still leaves considerable % x6 H; B2 ?* H- c$ f6 a
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
3 z/ {% s/ |3 A3 t, zsignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.( Q/ V( m! E. y* M! @
% Q/ k- V$ y* E+ LGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary; V$ N9 E% `: ~/ N5 `( h7 N# e
stimulus would have to be weighed carefully against domestic and global economic) E. D! Z! f# i
developments.
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Information note: i; u u. v0 Q' v
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
+ E j" U7 O$ ?' D: |+ W* o/ k2 hof the Bank's outlook for the economy and inflation, including risks to the projection, will be9 z# ^. n0 z$ A1 ?$ V. | G7 D
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！
