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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( s, a0 J/ L9 i ?( t
) g. r( {" c0 O' A8 s. r+ e% T
OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight$ r& O9 H( y3 I
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly( Z0 }9 @6 A+ N- L L4 j
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
?' U4 N9 A& h5 r+ m5 Zoperating band of 50 basis points for the overnight rate.
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8 C7 A* {+ V8 N! WThe global economic recovery is proceeding but is increasingly uneven across countries, with1 v' O7 Y7 }4 ^0 K% F1 _9 W0 S% S y
strong momentum in emerging market economies, some consolidation of the recovery in the2 {0 A! K% i2 q7 |- h
United States, Japan and other industrialized economies, and the possibility of renewed weakness( q' y( w0 ^3 `2 _ _* e! t
in Europe. The required rebalancing of global growth has not yet materialized.
) v Z' Q& B( x9 b- Q) ~In most advanced economies, the recovery remains heavily dependent on monetary and fiscal6 C6 O# t% ?: a7 @ v
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the$ d+ l5 S9 `; Y9 B
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result5 z0 r1 Q# l, x5 _
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an; a# V; K Z. J1 e% F7 f* p) m5 O
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
3 H3 U# x" ?6 `, yspillover into Canada from events in Europe has been limited to a modest fall in commodity- q' f) l) T; ? i' E
prices and some tightening of financial conditions.
9 a2 L; O7 T, `: d' H; H6 Y* V$ m0 N: e, B( ]. m) o
Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent- v6 |* o. Y+ G* k; W
in the first quarter, led by housing and consumer spending. Employment growth has resumed.0 w' e& K- U; r) v0 V; T- x
Going forward, household spending is expected to decelerate to a pace more consistent with% A9 A0 A/ |) `1 J/ e
income growth. The anticipated pickup in business investment will be important for a more+ N) W' x. X& l; c s- b. |3 o
balanced recovery.
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! D; {. b- t6 F# a, iCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
A S: N* a) y2 e( F2 _$ ?the combined influences of strong domestic demand, slowing wage growth, and overall excess% J; I# Y/ V, r( y3 t
supply.- {3 u% x+ c6 Q( m w
5 T ~- @% [8 T5 l1 [. tIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and6 Z- Z- A; @3 {& i! s
to re-establish the normal functioning of the overnight market. This decision still leaves considerable
! J0 O8 p/ f9 {% k9 X% ?monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the + z' M0 d. |3 [! C% y& F0 x
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
' v. i3 n# w+ g+ I# C$ w5 B4 N" _# H+ q# ^: w" h5 ?8 b+ o1 A) T
Given the considerable uncertainty surrounding the outlook, any further reduction of monetary) O; @- U! @: L
stimulus would have to be weighed carefully against domestic and global economic
5 L$ u D/ Q' x$ ? C. U. ydevelopments.' I7 o: ]1 M7 M( v* t0 m( m6 ~
% p$ I) A6 z' QInformation note:
% q7 j* N3 o) A# P9 M5 k' _+ l1 [The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
3 r$ n* u+ R* lof the Bank's outlook for the economy and inflation, including risks to the projection, will be
9 R/ {+ j: P1 l2 }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！