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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) H6 m/ c; v2 q
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OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight+ L+ H5 D. X. ]6 b2 F+ d/ L- S! N: h
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly. R7 @# ^9 X2 o8 F$ Q' O" T
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal$ D" e/ }6 _. e+ `4 z6 J: Y m5 R
operating band of 50 basis points for the overnight rate.' C4 ?" p) V0 F6 j$ L
6 ?" ^3 | x3 W; SThe global economic recovery is proceeding but is increasingly uneven across countries, with! s/ `( b* \- M6 F% ^
strong momentum in emerging market economies, some consolidation of the recovery in the
: `9 V" p" d7 z4 u) CUnited States, Japan and other industrialized economies, and the possibility of renewed weakness
* M- A9 P( d" P4 ?5 o9 v( z9 Yin Europe. The required rebalancing of global growth has not yet materialized.
1 v9 N- H) [. e8 ]' A1 K4 i' wIn most advanced economies, the recovery remains heavily dependent on monetary and fiscal5 V8 Z. g8 d/ t; D1 r
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
' c" N: E' G% _6 t8 o0 n3 h }# Yvariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
. @ ^4 q! q0 ?8 yin higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
9 l- ~! |0 J1 ?# \# J( T& K2 c: kimportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the5 r; l/ Y: g( r. O- D
spillover into Canada from events in Europe has been limited to a modest fall in commodity" H3 s8 R% Y& ^8 A6 ~& M
prices and some tightening of financial conditions.& ?* a% o" h; W+ f! b4 H
2 }" H- ^) J/ Z' mActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
8 Y8 C; S. S" ?! a! K! \in the first quarter, led by housing and consumer spending. Employment growth has resumed.
) q5 F' R3 M' R' c( O1 eGoing forward, household spending is expected to decelerate to a pace more consistent with7 G, `9 U/ ? B" o/ e* G k2 p+ S
income growth. The anticipated pickup in business investment will be important for a more
$ x& |6 b( y6 j% mbalanced recovery.
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: {, L0 A4 d g* s% ]- D* ~9 ~CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects4 L1 K4 \! ^, a) J
the combined influences of strong domestic demand, slowing wage growth, and overall excess
" w9 }8 x4 u& _) f& {supply.
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2 R$ a D( I- s# r7 C5 r; OIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and
7 M: H! J1 y2 D8 C8 F% G9 O9 ^to re-establish the normal functioning of the overnight market. This decision still leaves considerable : d2 }9 T" e7 u- n: Z8 i
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
! M6 P, j% l/ j* Zsignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.) [0 W/ M, X: [% N+ j7 \# I
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Given the considerable uncertainty surrounding the outlook, any further reduction of monetary
$ S% U. P2 E: t7 ^" U0 o: `8 Vstimulus would have to be weighed carefully against domestic and global economic. L8 F5 [/ W" b: ?# G* d
developments.7 A |7 M# u/ o$ q% |
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Information note:
e4 }+ ]4 I( d8 aThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update: ^% a' U0 |# q- ]) W' e6 e
of the Bank's outlook for the economy and inflation, including risks to the projection, will be
% S1 V) O" J ^0 |' p: Tpublished 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！