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Bank of Canada increases overnight rate target to 1/2 per cent and re-establishes normal functioning of the overnight market8 f1 @! ]' E9 m2 R" ^$ t1 D4 f
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OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight' ^% {& t3 L9 T7 r
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
. T; {: I* p: D9 {, o# Eraised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal: t2 q7 b# B7 V: i* x: @
operating band of 50 basis points for the overnight rate.
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The global economic recovery is proceeding but is increasingly uneven across countries, with: R, V3 m8 r0 a0 s# e* b' _
strong momentum in emerging market economies, some consolidation of the recovery in the
7 o1 ~# T6 ]; R# V+ q+ k6 P' }$ qUnited States, Japan and other industrialized economies, and the possibility of renewed weakness
A2 y: [4 u' F! a) \in Europe. The required rebalancing of global growth has not yet materialized.
5 T$ `* w5 } V( AIn most advanced economies, the recovery remains heavily dependent on monetary and fiscal, P& y1 U9 |9 ]7 {% x' t
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
, V6 `# P/ x) T: O! Z nvariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result" M4 l* b- Y6 ~4 M5 A9 ^2 N
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
8 ]' l' E9 u* m8 E5 ]9 k/ uimportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the( L! p4 t: V5 o7 l' v" g0 C8 x8 ~
spillover into Canada from events in Europe has been limited to a modest fall in commodity6 P8 d; |( j& s' r! |
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# U4 J1 J- S3 m P5 _
in the first quarter, led by housing and consumer spending. Employment growth has resumed.
& o: }- H5 A+ I; L& WGoing forward, household spending is expected to decelerate to a pace more consistent with
! ]2 w/ u2 O8 f5 cincome growth. The anticipated pickup in business investment will be important for a more7 F9 o$ K4 W5 w( ^& Y8 x( u4 d, I
balanced recovery.
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
& Q s$ o5 C6 ?6 w. G+ Pthe combined influences of strong domestic demand, slowing wage growth, and overall excess
& ?5 c) X$ {3 t& ksupply.
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% }4 H; {& M `$ K+ ]In this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and
) i$ j* Y( F- ]5 yto re-establish the normal functioning of the overnight market. This decision still leaves considerable # {# i* o" b/ ]# C. `
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
0 Z7 c+ y3 f2 C% }+ ~$ N+ ?significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.2 l- j. h4 i' E& b8 N
7 a9 n$ n! ~# m; k" WGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary! H6 M. q, z0 a. x1 i* q
stimulus would have to be weighed carefully against domestic and global economic; d1 e/ x8 T) U' j( y# o) Z% b# |
developments.$ s/ q8 Q/ z8 `# \/ Q, ~
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Information note:) a& @ s0 |* C' Z
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
3 M& N$ S4 z, C, U/ ~of the Bank's outlook for the economy and inflation, including risks to the projection, will be( _" d, c4 [5 m5 Q, T- f8 I) n
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！
