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Bank of Canada increases overnight rate target to 1/2 per cent and re-establishes normal functioning of the overnight market7 Y$ F; _ X- `7 \0 X) U' \
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OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight8 Z! P9 J% a: }6 @8 n
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly; A' y8 `$ S: N: L2 G
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
$ ~( ~6 }- C( B E+ uoperating band of 50 basis points for the overnight rate.5 h4 d, C5 h) f, C3 p$ }
, Q/ H1 j# ~1 PThe global economic recovery is proceeding but is increasingly uneven across countries, with+ K1 f: K+ T) d, U8 Q
strong momentum in emerging market economies, some consolidation of the recovery in the( S/ |* O. Z3 K/ \& M" a! l: k' A, u/ G
United States, Japan and other industrialized economies, and the possibility of renewed weakness, |2 }" Q& _8 Y- K
in Europe. The required rebalancing of global growth has not yet materialized. ]' e8 Y9 R1 h @
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal
9 y* N$ E2 y& G+ o6 S7 z* bstimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
6 A; O- C" @; X1 D& evariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result# X3 S# a$ U, h
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
- N! Z9 l5 M/ {/ ^+ ~$ {important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the7 |1 m& V: p1 T; O# i9 a8 a! {
spillover into Canada from events in Europe has been limited to a modest fall in commodity
" S* C+ V; V! b- L( K8 ^% \prices and some tightening of financial conditions., ?: n3 ?4 j7 x2 ^
# o( R/ P1 {, n* NActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent& V7 x7 g5 ^- D% f" B% B: I1 b
in the first quarter, led by housing and consumer spending. Employment growth has resumed.
( U( s L+ F: oGoing forward, household spending is expected to decelerate to a pace more consistent with4 ^, v$ ^$ L, X F! [8 b
income growth. The anticipated pickup in business investment will be important for a more
1 ?3 J$ m' ]7 S4 f! ~8 t- tbalanced recovery.
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7 p4 Z) _3 ~- t: ^# G3 ICPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
; j; W8 K5 z% ?, a5 ~6 P8 Zthe combined influences of strong domestic demand, slowing wage growth, and overall excess
0 j- |4 \; Y) Q( ^supply.
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In this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and
0 l2 g. K# f% g0 a/ K5 J3 pto re-establish the normal functioning of the overnight market. This decision still leaves considerable ' B! n1 `( G- S3 j. I4 A# Z
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the / w* z% S8 l: p* { ~
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 monetary5 \, ]* X& D$ I* L; q& l! n& d' ?1 j
stimulus would have to be weighed carefully against domestic and global economic
& u+ i( Z$ E! O7 ~developments.
/ t2 ~, w9 p4 _* {1 Q' t" f% V# M$ ?6 `( y9 w: T! I& Z
Information note:: T+ z5 V' V |3 w# D, @( Q; f
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
* z. R' x5 w: f5 n4 Rof the Bank's outlook for the economy and inflation, including risks to the projection, will be
. J, n) C# ^& y$ Z; }4 B8 ]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！