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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; S0 y8 C& x# F6 c
! }: C6 G3 A+ V+ o r5 w- r; vOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
$ p2 a" S3 l* g) a' n& |; Z- d1 Zrate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
9 u: r+ F0 w' s( L4 Graised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal! |) Y& F3 O" L) U
operating band of 50 basis points for the overnight rate.) j: p8 `1 ~- s O x/ V
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The global economic recovery is proceeding but is increasingly uneven across countries, with
. T3 \/ M- Q8 y3 q, R5 ]5 Rstrong momentum in emerging market economies, some consolidation of the recovery in the
. K# M2 d) Z, {; m8 I' dUnited States, Japan and other industrialized economies, and the possibility of renewed weakness; I e1 W$ { t- Z
in Europe. The required rebalancing of global growth has not yet materialized.
7 i# p) }) L. h+ ?: q+ u. A9 GIn most advanced economies, the recovery remains heavily dependent on monetary and fiscal
+ G" n" o0 V6 t2 w. O5 mstimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
0 Z9 ?9 A0 r- c% l8 _variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
. }4 m5 ?0 @0 s6 f* x$ R& R4 Sin higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
: J" H. n3 t9 u0 Timportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
4 n3 U$ | q7 Q2 b# L) w) [, x0 sspillover into Canada from events in Europe has been limited to a modest fall in commodity
8 B$ n3 q# @( a+ Jprices and some tightening of financial conditions.# _/ F9 Z0 u- t9 J* O
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Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
5 ?) M, Q q9 b( _+ w7 r& f" r, ]in the first quarter, led by housing and consumer spending. Employment growth has resumed.2 s$ T+ J. k) [9 [3 r, u
Going forward, household spending is expected to decelerate to a pace more consistent with
1 N6 _! W9 A$ d# Q" W+ V4 Cincome growth. The anticipated pickup in business investment will be important for a more5 f& g; p) }2 K5 k
balanced recovery.
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, }2 \9 t- q5 r5 C: @9 M, ^0 hCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects$ v" U# L5 u! y3 @' `" M
the combined influences of strong domestic demand, slowing wage growth, and overall excess
F9 u5 G2 S& q+ N) rsupply.+ l( j% J. q7 Z$ q5 U
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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
) K. g8 C" g# Q4 Z; `5 P4 E' Uto re-establish the normal functioning of the overnight market. This decision still leaves considerable
& G1 w; A$ j' s" nmonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the 4 }8 Z/ D3 F! A5 n! ?
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
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Given the considerable uncertainty surrounding the outlook, any further reduction of monetary
, |* A4 m" G- Rstimulus would have to be weighed carefully against domestic and global economic5 `2 \! @4 n/ l: z; v/ M8 e
developments.
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2 r; y2 }8 N# N" i4 i+ |! ], q4 W4 ^Information note:9 A3 I# c& Q5 ?6 d0 ^3 s7 l
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update, s h! r. X) B9 X$ @# ]1 I6 t9 T
of the Bank's outlook for the economy and inflation, including risks to the projection, will be" A* Z4 A3 ^6 L q8 P, ?) I4 B
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！