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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, m$ v! U! P( N+ {5 \) E
: H6 ?; j9 S% \$ W) q; x& S" wOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
* I! l, X" K: C3 c- }rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
/ M' j( x- ~$ ~- y: A( D% h4 Hraised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
# [* k4 z4 r$ }( K; Coperating band of 50 basis points for the overnight rate.$ t* W6 m/ s) t% D& X
l. c; Q# C9 G8 p& `The global economic recovery is proceeding but is increasingly uneven across countries, with/ m( @% {. e3 f: q1 U4 {
strong momentum in emerging market economies, some consolidation of the recovery in the
4 p0 w3 U; v$ V8 z9 x7 W* uUnited States, Japan and other industrialized economies, and the possibility of renewed weakness! \! s8 y0 I; e8 y( f
in Europe. The required rebalancing of global growth has not yet materialized.
; z$ p3 h/ G, u4 o6 QIn most advanced economies, the recovery remains heavily dependent on monetary and fiscal
7 T, b% ]) ~) R* e3 d& F3 Cstimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
& g; V: T" K6 Wvariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result$ s6 ^5 H. T" O2 z8 j, Q! G
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
2 m0 E b: `3 E# n; T; Z$ \9 Iimportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the- s+ r# n$ ]! K# w
spillover into Canada from events in Europe has been limited to a modest fall in commodity
% G+ I- O0 F& _. o3 h" G4 V; uprices and some tightening of financial conditions.
L9 }/ o+ ^" H/ I: C. q, F
" v, ?) H) Y: S, Y' t' NActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
* u5 {: O+ o9 X/ win the first quarter, led by housing and consumer spending. Employment growth has resumed.
% V4 m. [. W5 Z" W: v6 b: D$ mGoing forward, household spending is expected to decelerate to a pace more consistent with
# W0 r8 l. b* hincome growth. The anticipated pickup in business investment will be important for a more( a9 M, J! I' h% }- ?
balanced recovery.
2 m, E( r7 F' y$ b% K2 Y$ I8 u; s! e9 W5 D
CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
" c8 X7 [4 B: a+ \% }( ?the combined influences of strong domestic demand, slowing wage growth, and overall excess2 X9 q6 ^( D3 ]/ J6 `+ T
supply.
9 N2 t2 ?4 ^6 b% e3 R9 o& [" C% `, ~- ?0 H D- V
In this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and( X! E, }4 h; I
to re-establish the normal functioning of the overnight market. This decision still leaves considerable
% g- \, i; N6 F4 s1 {monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
# P r" s) P7 N$ [- {1 Y3 n3 Qsignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery." u9 u2 M$ u& M% @* t2 C
w# @1 O, q; Q# I; h" ~
Given the considerable uncertainty surrounding the outlook, any further reduction of monetary
8 u; Q: }' o1 J' Lstimulus would have to be weighed carefully against domestic and global economic
1 A, M& u) Q; C8 p0 zdevelopments.9 q6 b' O$ e" M/ F3 y6 C
; q+ l, w3 x4 U+ I% l8 Z
Information note:: M' A5 d8 x% Y) ~
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update& R- F' e* ~" `. c; J- J( @1 r
of the Bank's outlook for the economy and inflation, including risks to the projection, will be: \ q4 v0 _' [- ^6 a
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！