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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* V+ }* b+ y# f* ?0 \
9 T7 _, p2 G1 ZOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight2 F. [6 n. A6 S6 n
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
2 Z4 O8 P2 s* s+ _raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal" D h4 Z* a% u' M. g8 V) u
operating band of 50 basis points for the overnight rate.& j2 P7 K1 H R7 c2 u7 t7 e
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The global economic recovery is proceeding but is increasingly uneven across countries, with }! L/ Z, y* D1 Y+ {
strong momentum in emerging market economies, some consolidation of the recovery in the
% V( o( ]+ Y7 M: K W$ sUnited States, Japan and other industrialized economies, and the possibility of renewed weakness: S2 S8 I, c6 E4 f/ w- ?' S
in Europe. The required rebalancing of global growth has not yet materialized.
5 h) X6 q- J; e- G0 a. b" [In most advanced economies, the recovery remains heavily dependent on monetary and fiscal
. m! M0 C" ]' U dstimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the2 i2 |, x3 Y2 |$ N3 z3 b
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
9 c; a0 G8 D7 k5 p Oin higher borrowing costs and more rapid tightening of fiscal policy in some countries - an- P: Y3 H& c0 v6 ?. E
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the; Y8 R7 F' R3 T
spillover into Canada from events in Europe has been limited to a modest fall in commodity. _4 T. S0 M ^
prices and some tightening of financial conditions.! U9 ?4 {$ y( x+ m2 N% G4 s7 v
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Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
+ S; j# F: x. y/ Y4 S, bin the first quarter, led by housing and consumer spending. Employment growth has resumed.9 \; h) f$ J6 y
Going forward, household spending is expected to decelerate to a pace more consistent with
$ ~+ E2 I* u4 g# C) a4 J1 o( Cincome growth. The anticipated pickup in business investment will be important for a more
) y$ j' x- ]" p7 p4 K& S+ Rbalanced recovery.! K" Z8 t! R) I) d# J+ Z
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
! I8 V/ h3 q) A8 D2 W+ T+ q% Xthe combined influences of strong domestic demand, slowing wage growth, and overall excess+ \" P% v# O- Q8 [4 y' W0 O
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
) u2 t7 f+ V9 ?9 { ]4 Xto re-establish the normal functioning of the overnight market. This decision still leaves considerable
7 [* x" j2 P' R0 ^) }4 x* @ Ymonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the 6 [$ o/ O/ x8 B$ Q# L2 A, D+ J
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
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. n `5 }( \6 n; o; ?- ^Given the considerable uncertainty surrounding the outlook, any further reduction of monetary
' h; u' D7 z, {- p4 {: {stimulus would have to be weighed carefully against domestic and global economic5 h; m- d# m L# V# {" ^
developments.- A& b, F" ^8 v1 ?: l
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Information note:
5 o0 U" c6 i; w( {" H* HThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update* T; d; ?" W# Y: u1 e9 y1 D, A4 H
of the Bank's outlook for the economy and inflation, including risks to the projection, will be
& K" M7 F' a! G( \9 O# gpublished 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！