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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, y8 U6 z1 A( L- b' }0 i P% }
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OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight _$ K( X! b0 `# \; h% x: e
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly- V/ \$ \4 F; a) y& n
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal) f* s: D* G. m% o j
operating band of 50 basis points for the overnight rate.1 ~8 X! v" J/ u5 n: ]
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The global economic recovery is proceeding but is increasingly uneven across countries, with" A- c: o# o& v1 W0 U
strong momentum in emerging market economies, some consolidation of the recovery in the
F; A5 ~( W0 |United States, Japan and other industrialized economies, and the possibility of renewed weakness
5 {. ]+ z- \; E" \- ^" ^in Europe. The required rebalancing of global growth has not yet materialized.1 m! Q6 z- u Q& P" F% x
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal+ ~# w m! L# \; F8 A
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the4 B6 h: T. n. S B* A1 E5 ?
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result; H1 z+ {* N8 O0 o# y# {
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
0 {2 ^- E& G) s7 R2 _important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the E% c5 l4 z) w$ n
spillover into Canada from events in Europe has been limited to a modest fall in commodity n* p/ o; {$ x3 w8 q. w
prices and some tightening of financial conditions.
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% @4 @9 G t1 O7 y: yActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent# v& H, p0 ?" K
in the first quarter, led by housing and consumer spending. Employment growth has resumed.
' G H" }! y% V6 g. BGoing forward, household spending is expected to decelerate to a pace more consistent with) Z/ r5 W1 f9 E" t* ?+ ?; H9 m
income growth. The anticipated pickup in business investment will be important for a more
5 e/ {7 W# q$ v( O) xbalanced recovery.
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects9 j. e" w9 z: t# n& g/ ?! E
the combined influences of strong domestic demand, slowing wage growth, and overall excess' [# D8 L$ o8 h! Z# d: p% v; U
supply.! ~1 ^3 f, y8 g9 ?5 p
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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
4 j `* y2 [- E. K3 E% Y1 y6 b8 Dto re-establish the normal functioning of the overnight market. This decision still leaves considerable 3 [, Z, b0 p% x6 S- D- k* C
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
9 \" |# q d6 f# P0 e9 h+ n$ Ysignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.% P8 ~ S5 n4 M( v
7 L. g1 v- S+ X! h: H& ^. {1 IGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary
- d D* u- Q) c- _stimulus would have to be weighed carefully against domestic and global economic
! O0 H5 K! J. }1 g/ a p$ O% f9 ?developments.
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Information note:
4 U( y S6 q& c; k0 I' E9 }8 U. gThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update9 H. r& x6 ?3 P& c2 A ?
of the Bank's outlook for the economy and inflation, including risks to the projection, will be# Q x+ j4 a# Q3 a
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！
