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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 ]" d. @4 Z" n, F6 v( g
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OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
: u' t+ l# J9 v: s4 j, irate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly9 \) {7 r+ A0 X+ U# O, F
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal8 \& x T+ E$ z# X
operating band of 50 basis points for the overnight rate.! W% ?" x% r" Q+ \& d: u
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The global economic recovery is proceeding but is increasingly uneven across countries, with$ w Z) `8 ^$ K
strong momentum in emerging market economies, some consolidation of the recovery in the- a4 ^) m, T) h* ?
United States, Japan and other industrialized economies, and the possibility of renewed weakness3 u7 h. M% L- |* a* u+ r- n* ~2 R
in Europe. The required rebalancing of global growth has not yet materialized.8 K/ M! w" A! \7 t4 x
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal! [7 g6 x; t$ x7 c5 L! e! r' m/ k8 E
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
1 E g( U8 |$ A3 Ovariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
0 Y; z3 l0 ]1 W2 T- `0 Q. fin higher borrowing costs and more rapid tightening of fiscal policy in some countries - an6 e) K7 ^% ~3 t# \
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
8 b9 T/ F" m5 m: r8 Y; J. Dspillover into Canada from events in Europe has been limited to a modest fall in commodity
0 R* n7 ~& n/ F1 d9 M0 I0 Sprices and some tightening of financial conditions.
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Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
& E+ f! A3 t2 e; _: iin the first quarter, led by housing and consumer spending. Employment growth has resumed.
/ c, p5 w2 r# VGoing forward, household spending is expected to decelerate to a pace more consistent with( M+ h) {9 G- |
income growth. The anticipated pickup in business investment will be important for a more
/ _1 N& P& T0 obalanced recovery.* @' R- U2 j1 Z
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects) d# p+ z9 R5 w6 q3 e2 f
the combined influences of strong domestic demand, slowing wage growth, and overall excess9 ]8 g$ T0 q. {: [1 S+ u) \0 J# F0 R
supply.. v/ `- ^+ j# n; A$ V4 F+ Q
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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
; W8 T+ @: I; B/ G+ Sto re-establish the normal functioning of the overnight market. This decision still leaves considerable
: S0 C/ Q0 V* ~9 {3 r- gmonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the ( `! L% c7 V6 E3 m2 _, s2 T
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.) T& q+ W" N7 h
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Given the considerable uncertainty surrounding the outlook, any further reduction of monetary0 ~3 b F9 `$ S4 `( y3 V
stimulus would have to be weighed carefully against domestic and global economic, ]- q. u% c; t7 G* ~% b
developments.
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Information note:; D) s$ v% b# A: f& ^
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update( o. G5 E8 j" B3 c/ f! G
of the Bank's outlook for the economy and inflation, including risks to the projection, will be
6 `# {% z1 t7 s% x( u. N. lpublished 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！