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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
' y$ v" a3 X$ I4 l) orate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly" b' J8 E2 v1 y3 r* u. P
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal- n" o, X ]" c
operating 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, with
: N1 o, ~9 I2 @2 T5 ^3 Zstrong momentum in emerging market economies, some consolidation of the recovery in the" [1 q4 S7 u. y: N5 {& r' s8 p1 @
United States, Japan and other industrialized economies, and the possibility of renewed weakness
: F) Q- x: u1 U' Y7 ^4 e, Pin Europe. The required rebalancing of global growth has not yet materialized." q: ]1 D9 K# s I
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal
7 C! ~. c. i2 c% I' P. M5 g3 Gstimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
, V; R% n6 v: h0 dvariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
1 c) o: E) }" d& l5 S5 u+ Nin higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
4 K$ a2 t6 E- n; A) C; \important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the: n9 M2 ]1 t* {
spillover into Canada from events in Europe has been limited to a modest fall in commodity
* ^5 ^! b' s+ V4 j' p8 w, Hprices and some tightening of financial conditions.
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; ~) \# N& X: ]+ z+ fActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
7 M, x: J) r0 t3 g% N' U e6 I' Uin the first quarter, led by housing and consumer spending. Employment growth has resumed.
" c ^ t6 t) R5 [0 tGoing forward, household spending is expected to decelerate to a pace more consistent with
, f* H- [3 o2 g+ nincome growth. The anticipated pickup in business investment will be important for a more" m% l Y. |/ w$ H
balanced recovery.
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& [, K7 x) y4 M1 ?* BCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects/ Y% g( S2 b, L; j, Q
the combined influences of strong domestic demand, slowing wage growth, and overall excess
; Z E7 Q1 V2 V+ k @3 m5 R( dsupply.
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In this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and6 H' F: j* H$ d' H2 D9 m" _
to re-establish the normal functioning of the overnight market. This decision still leaves considerable ! k; G p1 g6 z a$ }- h
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the q* {# G0 n% F
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
( F: l5 n3 C* t/ n& zstimulus would have to be weighed carefully against domestic and global economic
) @+ p. i) S U8 ~, l0 R% b) r( Vdevelopments.0 z7 [! |/ \5 C- y/ t' j L
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Information note:
7 |* V8 r( T" I9 wThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
- j) j. }: R$ o. O0 O4 |of the Bank's outlook for the economy and inflation, including risks to the projection, will be
: L+ c3 D% r* cpublished 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
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