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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+ i! W* l" w5 p% X: Z# q$ d2 \! N
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
0 h/ ?" g/ a; r5 P. }raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal% l+ W& d4 e" u
operating band of 50 basis points for the overnight rate.
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; u- w' F& [8 J9 g5 o# aThe global economic recovery is proceeding but is increasingly uneven across countries, with8 n; y# i, V3 t$ K" E7 W
strong momentum in emerging market economies, some consolidation of the recovery in the
! L6 ?! y# ~( g6 y3 h- q# dUnited States, Japan and other industrialized economies, and the possibility of renewed weakness
: c* y2 \, ]. ^$ R x. D6 tin Europe. The required rebalancing of global growth has not yet materialized.8 g; [0 C0 [7 _: z: V
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal& B( q4 H+ g$ v5 @0 }4 }) E, G" V0 L8 T& D
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the. B7 H, n3 ^9 N% V! y. d |
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
! k* X% ^3 g% p4 @in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an5 C+ z6 B; b; f9 R
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the2 }( u8 t& R6 L8 Y2 r% c* L7 A
spillover into Canada from events in Europe has been limited to a modest fall in commodity0 Q: g0 o, U% L* 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
3 c2 a. J$ a2 L' s3 a! p; kin the first quarter, led by housing and consumer spending. Employment growth has resumed.+ P# s6 h$ q) l3 F# _7 p& e
Going forward, household spending is expected to decelerate to a pace more consistent with
6 t: @6 u9 b, b( ^& e3 j w4 vincome growth. The anticipated pickup in business investment will be important for a more
& Z% X4 z5 \! Y* w, Ibalanced recovery.6 D( o' T- U$ {# V& t7 b
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
$ N/ t; L) W$ t6 o; Xthe combined influences of strong domestic demand, slowing wage growth, and overall excess
0 m; ]/ v$ U! v; Ysupply.0 p& A5 n) t- _1 R3 j h- v
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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
A7 I) _2 G7 B% Uto re-establish the normal functioning of the overnight market. This decision still leaves considerable ! S& J7 a! r( B0 c. w
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the % @5 V3 m4 S) G5 v. Q
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.+ q) j, A @7 I* l
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Given the considerable uncertainty surrounding the outlook, any further reduction of monetary
; b5 {1 C5 m* v) O9 g z0 `; sstimulus would have to be weighed carefully against domestic and global economic
& m. V4 A Z1 @1 Jdevelopments.- ]: b( l: B$ E1 y! r
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Information note:) L; z a a& G5 m# [- N
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
& w2 ]0 ^( f' A* M* I, z F- `of the Bank's outlook for the economy and inflation, including risks to the projection, will be0 |+ U0 Y2 M& [# D. j0 }
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！
