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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: W5 }* p/ Z% s: b0 v0 U n
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OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
2 [, Z6 m8 F, B0 ^' q/ y; f1 Zrate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
% i# j: i7 u0 Z0 c- w9 \7 K' r# jraised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
. S: c% L, J7 `5 toperating 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, with0 v+ g5 h2 P5 N" y) p
strong momentum in emerging market economies, some consolidation of the recovery in the
) e& j, ~- c) @2 [United States, Japan and other industrialized economies, and the possibility of renewed weakness, H& R' M/ d7 N2 t
in Europe. The required rebalancing of global growth has not yet materialized.; n, U$ y0 q# a0 B2 n/ x
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal
; x* `, }3 F S& p: Q3 ^stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the; q% W: r& _1 \8 J7 L4 c! D
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result+ ?+ Y' |) y! F4 A+ ]4 |
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an$ W5 ?9 U" `( f; Q' \' P( ~( `! w
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the6 o R) h5 q) N+ G$ n2 S
spillover into Canada from events in Europe has been limited to a modest fall in commodity4 w* a7 h N8 }2 r4 m
prices 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
# ~ J. |" K9 b, W5 Pin the first quarter, led by housing and consumer spending. Employment growth has resumed.& z4 }- ^% v+ j* Q4 i2 f
Going forward, household spending is expected to decelerate to a pace more consistent with( V4 H3 B. {( y) a& \
income growth. The anticipated pickup in business investment will be important for a more% g& U3 ]2 s0 a- u: S1 J* i
balanced recovery.
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects' C' [5 r" ?1 P4 \6 I
the combined influences of strong domestic demand, slowing wage growth, and overall excess
8 M, w! F0 D+ g. dsupply., d: ^$ C3 p, r# S
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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
' J3 h. ~% z7 gto re-establish the normal functioning of the overnight market. This decision still leaves considerable % ^0 C9 z3 _8 d/ M0 E& i% `$ ]
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
9 E% c7 ]. i' u) C) l2 Qsignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.1 E# D" u% c0 c
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Given the considerable uncertainty surrounding the outlook, any further reduction of monetary
* m) s- x- F8 g1 i& d! E5 [stimulus would have to be weighed carefully against domestic and global economic
- E/ h2 U. j' e" k7 y& S6 Kdevelopments.0 Y1 W" m Z( D) ~! C/ @$ y
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Information note:0 [" Y8 w) Z6 r! S( G
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update6 V6 y% X2 r- i- E# G& ]- L
of the Bank's outlook for the economy and inflation, including risks to the projection, will be3 X/ v- m1 T3 a9 d1 ]
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！