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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" ]" u3 h( R2 ?. b# a8 i+ @0 u
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OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight3 J/ u5 S2 U. j3 i' C
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
/ ~' G1 s3 y- r0 Oraised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
) c. n, S4 P- t% u: X8 qoperating band of 50 basis points for the overnight rate.7 V1 P: @; v1 C! [7 E6 n% O7 H
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The global economic recovery is proceeding but is increasingly uneven across countries, with8 e+ E% [& b: ~% ~+ _- f* g" {
strong momentum in emerging market economies, some consolidation of the recovery in the
7 f; J+ k1 X6 A2 P! FUnited States, Japan and other industrialized economies, and the possibility of renewed weakness- ^' o. c) C5 V( E* ]) Z
in Europe. The required rebalancing of global growth has not yet materialized.
* u+ V, Y' W, H/ K7 ?/ n4 a8 Z+ mIn most advanced economies, the recovery remains heavily dependent on monetary and fiscal
& f5 `) j. P5 h! {; ?( M" U. ]stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
' n/ a: D3 p. C. F zvariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result# W M2 u' B, i
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an2 }8 D6 B) o5 ?: X. B; Q, R
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
( I- o4 l$ ^1 J$ H& [3 u* bspillover into Canada from events in Europe has been limited to a modest fall in commodity
, W$ r; I* z$ U& h: R3 Pprices and some tightening of financial conditions.) |8 S2 B9 \* C" x2 B! o! z
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Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
5 Z5 S& U" g* A* B7 V6 A/ u& Ein the first quarter, led by housing and consumer spending. Employment growth has resumed.
' X% ]! u4 K! w, SGoing forward, household spending is expected to decelerate to a pace more consistent with* X4 t: D1 Z8 j# @" Z3 `
income growth. The anticipated pickup in business investment will be important for a more
% j, v; k" ~. Jbalanced recovery.2 V# B- E) v |+ y9 Q
/ n1 m& p4 N7 H3 v% N cCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects5 C7 A; C& G/ [5 _. ^
the combined influences of strong domestic demand, slowing wage growth, and overall excess' R$ R. W" q! ~4 z
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% C& ^2 d( B$ I5 k8 I
to re-establish the normal functioning of the overnight market. This decision still leaves considerable
# J* V8 @; G2 r; cmonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
, e% s4 n0 [( G, ^1 zsignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
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Given the considerable uncertainty surrounding the outlook, any further reduction of monetary
* ]9 \7 k0 q7 b. U" e/ Z$ Lstimulus would have to be weighed carefully against domestic and global economic
! {& B8 S5 Y' z( n7 D5 {# odevelopments.; N$ u3 h0 @' R- n0 v! L8 ?
. Z5 O* T" C5 N; h- I. {8 G; F, d! pInformation note:; u f1 i7 p+ ^3 ?3 ^7 M2 [
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update3 }+ Y3 }3 } ? d- O k5 L* n
of the Bank's outlook for the economy and inflation, including risks to the projection, will be
7 L1 t6 v; O0 `" u! q0 h8 _7 |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！