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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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6 [1 x) Y6 O% S' SOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
4 \' U# T2 g. w! N. @, Trate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly0 m! _) @: Q/ H* e6 H5 _
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal4 Y# h% ~! d' e. c+ r; A
operating band of 50 basis points for the overnight rate.
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& y/ I9 |- @0 KThe global economic recovery is proceeding but is increasingly uneven across countries, with1 f. _- F5 s3 z. B8 h4 b
strong momentum in emerging market economies, some consolidation of the recovery in the) d8 m( U0 `. Q$ O2 _5 e$ ]% t
United States, Japan and other industrialized economies, and the possibility of renewed weakness
# f B8 ^4 h; Ein Europe. The required rebalancing of global growth has not yet materialized.9 Z! w2 V8 F" N; p$ {$ W
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal3 d# i5 r' p8 X0 d
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the5 G& b! ]# j' c. m
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
( E5 H3 z& X/ x" Z) I; M& W9 D5 @9 b8 _in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an; U, I3 c. c/ E! [+ i4 x+ R
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
) k5 X7 E+ R# l/ Q) zspillover into Canada from events in Europe has been limited to a modest fall in commodity: p b6 [' _. ]# c4 P6 P
prices and some tightening of financial conditions.2 O( O5 |; t, H4 ^/ Y
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Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent7 {+ {" k" p4 u. G) P9 m2 U; O
in the first quarter, led by housing and consumer spending. Employment growth has resumed.& v3 N. `* @. q& D' |3 `
Going forward, household spending is expected to decelerate to a pace more consistent with- X# S$ @! @ Z) w6 n! R0 s
income growth. The anticipated pickup in business investment will be important for a more
2 V2 m; x' d- U- ~* R2 A, z' z" Ubalanced recovery.
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
) E2 v8 U2 v4 \" C$ g6 w ithe combined influences of strong domestic demand, slowing wage growth, and overall excess
% r( _5 n. o8 N5 }/ ]4 R3 N0 a* \* Ksupply.
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6 X' \4 Z( G% t& S8 ^; Q. A( bIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and+ c4 ~; `- `) u5 ^, F6 m; F
to re-establish the normal functioning of the overnight market. This decision still leaves considerable 3 W) \1 c) D9 e8 k5 @
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
7 e# \: ]: x, u }4 u( t, ~* q% wsignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.5 T! O; J. b) @ V! h0 P+ c
. U2 `1 s4 x% I! NGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary# A1 b0 j. }+ p: n. V+ f
stimulus would have to be weighed carefully against domestic and global economic+ L, r3 |0 @7 Q" h. \1 m
developments.
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+ T% z: ^3 o- B* B8 X) ]- RInformation note:
7 F D# G& e) Y6 zThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update) K. |$ x J2 m( a$ N
of the Bank's outlook for the economy and inflation, including risks to the projection, will be. e* I$ x4 G8 ^! E, w
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！