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Bank of Canada increases overnight rate target to 1/2 per cent and re-establishes normal functioning of the overnight market5 Y/ E0 j! k2 {6 v
+ \3 A+ ^/ s4 v Z9 _
OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight8 p) d) K. r: t3 ?3 q2 E
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
. E) l$ E6 j M* _ y0 p4 }* @raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
$ |1 k+ v" g6 s. T. |1 {operating band of 50 basis points for the overnight rate." V9 t: ?3 ~% D" O7 H B
$ S3 b- N2 u0 x5 X2 Z$ yThe global economic recovery is proceeding but is increasingly uneven across countries, with* d: Q* z) _" O( U0 `4 C
strong momentum in emerging market economies, some consolidation of the recovery in the0 l5 r, i' F: i9 ?4 V% n1 g6 ^- J
United States, Japan and other industrialized economies, and the possibility of renewed weakness
9 u4 ?$ B$ i! X6 x5 Y* Nin Europe. The required rebalancing of global growth has not yet materialized.
3 d+ Y% d& ]+ u' l! M5 B+ sIn most advanced economies, the recovery remains heavily dependent on monetary and fiscal7 J; D2 q# Y6 ]- D: ?: F
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
3 Z$ D( U% e. O) z. D0 \( s3 Evariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result# h# x6 J& ?* C4 K- R' U& }
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an/ J+ v1 P) V/ U% `
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the( [6 D" q4 `0 y
spillover into Canada from events in Europe has been limited to a modest fall in commodity
2 S) P2 N/ x% ?) z9 \6 Z. }prices and some tightening of financial conditions.! |. z/ t* F: K4 v* R
0 w4 ]: |6 C; f% R1 _Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent7 }. \& V) v9 k; _: p# g
in the first quarter, led by housing and consumer spending. Employment growth has resumed.
- U; A) }% M( i! ~0 S& y4 QGoing forward, household spending is expected to decelerate to a pace more consistent with
6 y2 U2 ~6 W& F5 {7 q9 O. wincome growth. The anticipated pickup in business investment will be important for a more
2 s) b$ b; p, d" d1 vbalanced recovery.1 b( v% a0 I" N6 X1 I6 `) `
1 i5 e' O" u* t' M
CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects; [) p: H7 U9 G0 r/ L, y
the combined influences of strong domestic demand, slowing wage growth, and overall excess
( @* K8 R1 x5 ?* A1 y+ W Tsupply.
9 W; h; _8 |9 w7 a
" c8 ^/ E- S/ {1 ?# s1 iIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and0 u- f1 P) `# ?+ k
to re-establish the normal functioning of the overnight market. This decision still leaves considerable
$ M9 r9 s& B0 P K: O) `. }- Omonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
$ s, v) w3 k- esignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
1 y( K0 Z: N/ `1 E% F V) l5 O6 X3 {6 S1 w, r6 C% x
Given the considerable uncertainty surrounding the outlook, any further reduction of monetary
: A" B; m* ]6 R- P8 }9 K7 vstimulus would have to be weighed carefully against domestic and global economic0 ~" `' f' O z
developments." c* {9 ~6 X0 j' |
, K V- d$ P5 Y% P0 [7 O/ C3 n
Information note:
# n( p( ]! ^% Q+ F; [The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update1 i6 I0 b3 e# k( O5 J
of the Bank's outlook for the economy and inflation, including risks to the projection, will be
0 b: Z. W7 M, epublished 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！