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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
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OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight& M u5 d& P* E: w/ d
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly/ d- a: C! z K3 m4 d, T7 z
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
" j% U2 e, d5 |8 \6 ioperating band of 50 basis points for the overnight rate.
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The global economic recovery is proceeding but is increasingly uneven across countries, with4 D; q8 }/ t. [3 F5 o
strong momentum in emerging market economies, some consolidation of the recovery in the
) m1 u- F# j8 I+ t- `United States, Japan and other industrialized economies, and the possibility of renewed weakness% V& h6 f% h: r9 J
in Europe. The required rebalancing of global growth has not yet materialized.
# k' C7 o; t! ^; e6 D* _/ tIn most advanced economies, the recovery remains heavily dependent on monetary and fiscal3 D: M- Q ^! R! G1 @0 r
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
1 T6 y) P% v0 |) xvariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result% d8 v M1 |) {: ^7 L; E+ u
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an- b$ ~& V0 R! f& m& K0 A) E V
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the7 _8 d. j( W; r! N! E7 Q6 \" A$ N
spillover into Canada from events in Europe has been limited to a modest fall in commodity! x, }3 M" ~7 N) z# z8 B6 i
prices and some tightening of financial conditions.3 ~( B8 Y' P3 I( F2 ~
* [+ E( h& Z4 E1 AActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent2 W& e( [! h2 r2 M% ~+ S
in the first quarter, led by housing and consumer spending. Employment growth has resumed.
' y1 c$ Q9 o: O8 ~0 c+ z- IGoing forward, household spending is expected to decelerate to a pace more consistent with
$ r' V1 B" ?) C/ z @1 Q' Z% p' y r9 y# Iincome growth. The anticipated pickup in business investment will be important for a more3 Z8 h6 ~' [: k. _
balanced recovery.' y8 l; \1 y6 \- y6 q
' z8 Q0 \7 k! {, z8 j! j/ { zCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects- {6 a. O3 Y5 f; X1 ]8 i
the combined influences of strong domestic demand, slowing wage growth, and overall excess
. b. F1 s# _# y- o4 s# F1 z" p- psupply.
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- ?3 |: a8 L2 b% @2 R3 V7 O! WIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and
5 _% b" W+ w2 G4 I7 nto re-establish the normal functioning of the overnight market. This decision still leaves considerable
: Y1 i8 J, x% Mmonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the 6 \2 u" x, U- r$ l9 {" y
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
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& }/ o7 }9 @& P7 m. rGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary
: S) v/ V( T! o7 q3 {2 ]- H0 y; D+ Istimulus would have to be weighed carefully against domestic and global economic& v$ |+ J' w0 e
developments., H3 j- ~9 h% O7 W# ^0 W3 C# h* ^
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Information note:: _) R e, U, [ b' |* `
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
, @$ j* L3 e2 h7 A, n$ X+ ?& bof the Bank's outlook for the economy and inflation, including risks to the projection, will be
7 ~$ x! h# M p1 O- Npublished 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！