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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- M: N8 e5 @2 |9 M0 y
: Q4 @# Z; L* G$ v) BOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
: Z6 g) C8 Y1 d" x$ A% ]) I' L. xrate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly0 A2 S+ w1 `, h( w2 E
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal0 C, O, e! |8 q5 b8 _' A/ J
operating band of 50 basis points for the overnight rate.' A; E6 ]' d. z9 c/ h, p8 o
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The global economic recovery is proceeding but is increasingly uneven across countries, with. R' \1 u8 o+ p4 I! t
strong momentum in emerging market economies, some consolidation of the recovery in the
+ g3 v6 Y/ W7 {, ]$ {3 UUnited States, Japan and other industrialized economies, and the possibility of renewed weakness# Q3 k, s0 g; }$ u+ \+ k
in Europe. The required rebalancing of global growth has not yet materialized.
0 a: G! y; b) y& a& I! P2 B) @In most advanced economies, the recovery remains heavily dependent on monetary and fiscal
8 i' h, {5 w+ M+ L! I/ y3 E4 istimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
* [- s8 \, ]! m/ @5 T: Xvariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result2 A/ a7 u U g2 W9 w8 c
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
4 Z, C( V2 n3 ~& L* w9 }important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
' v( I- v5 H" x' e6 f; ~4 pspillover into Canada from events in Europe has been limited to a modest fall in commodity; h. k& u9 {0 }
prices and some tightening of financial conditions.9 w! q8 X, [1 ]" h7 F
/ V. X& _; s8 ?! K0 }Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
2 P! V* J7 _" W$ S$ c0 `; {1 g" Win the first quarter, led by housing and consumer spending. Employment growth has resumed.
4 b6 b. k' [, v) CGoing forward, household spending is expected to decelerate to a pace more consistent with
' N x! n# c' {) w( X# y* @income growth. The anticipated pickup in business investment will be important for a more
6 C# g( E5 B$ t" \0 }balanced recovery.
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects2 W J) C3 Z# q) i$ R1 k& l+ F
the combined influences of strong domestic demand, slowing wage growth, and overall excess2 T' s* I2 a( ~' F5 L
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
0 w' \: t) Q9 k1 p( c1 h, `% H o1 \to re-establish the normal functioning of the overnight market. This decision still leaves considerable
; u$ s! S, W3 i' Hmonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the / Q+ w; x- X( j0 F4 H" q
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
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/ B. {* N7 m) b" |Given the considerable uncertainty surrounding the outlook, any further reduction of monetary$ c: W# a6 ^9 g: h. Z- I, W1 I3 E
stimulus would have to be weighed carefully against domestic and global economic
% E* T5 j7 {3 e {# S+ k% Z: Xdevelopments.
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2 @# Q$ g/ }- n- RInformation note:. X6 G: V" w! {3 J" h6 ~4 j
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update; {+ n1 k, E1 P5 i7 ~* Y8 U& Z
of the Bank's outlook for the economy and inflation, including risks to the projection, will be
; y/ v7 k4 j+ `3 Spublished 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！