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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* y' i3 J: @% U4 N. m( N. l
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OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight7 Y9 u: ~ C8 V3 i4 X# G# ~1 U0 b
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly, H4 n3 G: A0 [! o
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
/ Z6 l) e: ?, r7 zoperating band of 50 basis points for the overnight rate.7 _( r( [ _7 L0 C* P0 M; D
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The global economic recovery is proceeding but is increasingly uneven across countries, with' T7 o! f& V6 a$ E9 q1 m6 Y
strong momentum in emerging market economies, some consolidation of the recovery in the& W1 p, r: ~' B8 w* c& ~
United States, Japan and other industrialized economies, and the possibility of renewed weakness# k% }5 j! {2 Q) I' U
in Europe. The required rebalancing of global growth has not yet materialized.
Y& |1 ?. n$ H8 B2 z/ S& WIn most advanced economies, the recovery remains heavily dependent on monetary and fiscal
6 A9 z1 P C+ f6 k q; tstimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the- }: p4 f2 b8 `: G' M* I
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
, y+ [* I+ G# cin higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
4 i1 D4 d& ]' E7 m( n' iimportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the. X0 D6 p5 i* c1 I
spillover into Canada from events in Europe has been limited to a modest fall in commodity7 \) [2 v0 O& N3 A( l
prices and some tightening of financial conditions.% U9 ^+ J1 s: t/ J$ J
8 C5 ^, [3 v5 r" z d/ s1 RActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
+ Z# ? P, m ]in the first quarter, led by housing and consumer spending. Employment growth has resumed.' g- s; w3 Z ~! R) I1 ]
Going forward, household spending is expected to decelerate to a pace more consistent with! j, ?8 u1 A [ \2 D
income growth. The anticipated pickup in business investment will be important for a more
0 d: V3 I6 I; {: |balanced recovery.
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+ t" J6 w1 a; M ^CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
" A! }! B) r0 u/ Hthe combined influences of strong domestic demand, slowing wage growth, and overall excess
/ u u( z& d% p Hsupply.7 U2 G) [8 R1 I+ f; [6 M
$ |, @' ?' J4 t, i8 F X: `In this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and! n& i* K. B* ^% [- Y' }
to re-establish the normal functioning of the overnight market. This decision still leaves considerable
4 m \" Y# G2 n+ |. m0 T, l" Gmonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
4 T n3 c. j: J: N o5 W7 ]significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.: O3 H9 o7 I4 k! Z
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Given the considerable uncertainty surrounding the outlook, any further reduction of monetary* m0 l% _' ^, R6 A3 B$ {: v
stimulus would have to be weighed carefully against domestic and global economic
, m+ O7 m2 H4 X1 u$ Bdevelopments." O$ f h6 b2 c V$ }
- q9 l! B8 n8 Z" |4 s zInformation note:9 T8 E }, W4 ]& M( a
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update6 K: e; ]% f( Q0 h+ a7 l' \
of the Bank's outlook for the economy and inflation, including risks to the projection, will be$ C9 ~! O- O5 ^; s; Z2 e+ J& w8 M6 ^$ U
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！
