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Bank of Canada increases overnight rate target to 1/2 per cent and re-establishes normal functioning of the overnight market1 l6 {8 L" x$ _2 v
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OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight5 q2 |. ?6 }) O
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly# M5 i$ G* G- g$ e6 W9 x. U
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal( ~% N0 O7 \! `$ i5 q% Y0 Z
operating band of 50 basis points for the overnight rate.
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: u1 q1 k% D8 f/ MThe global economic recovery is proceeding but is increasingly uneven across countries, with: S$ @& R. ~9 B! u% n) n8 S: ~
strong momentum in emerging market economies, some consolidation of the recovery in the
) s0 Q+ K) P; w" l# D4 tUnited States, Japan and other industrialized economies, and the possibility of renewed weakness- ~( F, @# {5 Z. V
in Europe. The required rebalancing of global growth has not yet materialized.0 B/ \% t/ I, v
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal: k1 e! K& F3 A1 Z2 f- b R
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the* l" V4 e, i$ }6 b$ U1 {
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result* _; }7 s1 O( b' |
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
3 {# W& \' m6 U) v& a" W# } }important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
4 l! k9 k7 u2 i j4 t' \8 G% vspillover into Canada from events in Europe has been limited to a modest fall in commodity
! v k+ g, F4 J" bprices 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
7 S. F( Y+ ?. I- n7 r4 @in the first quarter, led by housing and consumer spending. Employment growth has resumed.5 K5 H( s9 Z- }" `- L3 k7 z
Going forward, household spending is expected to decelerate to a pace more consistent with4 Q/ l, Q% I8 r3 [, {: P; h
income growth. The anticipated pickup in business investment will be important for a more
. F) R/ G. A- l# {balanced recovery.
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects5 K7 s0 [9 p( E$ w3 E, n5 g1 I
the combined influences of strong domestic demand, slowing wage growth, and overall excess
" F8 ]0 |, Q; J- f; V8 fsupply.
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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; r/ T/ a7 ^/ C9 t( y: @) j; M
to re-establish the normal functioning of the overnight market. This decision still leaves considerable 2 F# v. K0 k$ ]+ w, v# t
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the 3 h) e7 W* [, h O
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
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6 t1 X0 w0 d: @7 K8 C$ y2 }( jGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary
1 r& p8 W$ Q6 d9 `/ \* kstimulus would have to be weighed carefully against domestic and global economic
" \! c( ^6 V/ y1 J: R6 V: w! H6 Zdevelopments.! l) E+ U$ O! e Q; M
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Information note:) H7 v2 e l' g: p% c
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
6 A+ j4 i5 x: j- L4 c3 vof the Bank's outlook for the economy and inflation, including risks to the projection, will be8 V6 I7 z M% M% e0 ^/ C% S3 y M
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！