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Bank of Canada increases overnight rate target to 1/2 per cent and re-establishes normal functioning of the overnight market6 T- p9 G7 U( e( ~% R
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OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
2 g: k( B* \' w- c3 Krate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly. g8 p" T" ?/ {4 Z% \4 ~1 b
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal* J4 ^, [& d( p( W
operating band of 50 basis points for the overnight rate.
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% W; |3 [' N0 xThe global economic recovery is proceeding but is increasingly uneven across countries, with" o3 c* G- X' h- H' u% h E
strong momentum in emerging market economies, some consolidation of the recovery in the2 c4 n$ V4 {3 m' P) G9 t
United States, Japan and other industrialized economies, and the possibility of renewed weakness. v9 \: @- Y) D. A! q+ w: c
in Europe. The required rebalancing of global growth has not yet materialized.
7 g, V% o3 x8 K d1 ?( y5 N2 NIn most advanced economies, the recovery remains heavily dependent on monetary and fiscal
3 a$ w5 n9 K* A$ Ostimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
6 @9 [) ?( b8 I6 G" w6 P/ P4 X& A9 Bvariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
( l7 Y4 R5 I$ m) P% Jin higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
4 [. l6 L- b+ E+ Himportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the8 I; l2 {% \+ ~. ]0 B. k1 Y
spillover into Canada from events in Europe has been limited to a modest fall in commodity Q# }4 o J+ s7 w0 P; B
prices and some tightening of financial conditions.
# G1 [. M/ C o% O6 L! z6 O9 J/ l$ P3 Z+ N" a0 l+ d
Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
2 ^. Y1 |* o, |0 k0 i+ Lin the first quarter, led by housing and consumer spending. Employment growth has resumed.2 J. ]9 s* C6 w. b
Going forward, household spending is expected to decelerate to a pace more consistent with% G. } J3 V) _. ^& o. C6 c
income growth. The anticipated pickup in business investment will be important for a more
: W1 P0 Q$ V7 h( u& B/ W' N6 n+ obalanced recovery.: z8 _1 C% T6 G1 t- ]4 a
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects8 ]& t" f2 p4 g8 y0 X. E
the combined influences of strong domestic demand, slowing wage growth, and overall excess
o- k1 [5 H3 dsupply.
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1 W e4 |# k# }" }3 OIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and
8 ~3 D6 y& m4 m }! J eto re-establish the normal functioning of the overnight market. This decision still leaves considerable
* ]) a& t# S* p: M. P/ n& |monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
; P5 p- _7 g, m, B% Psignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.5 G* o0 I9 H; }( T; @! h
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Given the considerable uncertainty surrounding the outlook, any further reduction of monetary+ Z8 e: `, h; y; Q r% ~
stimulus would have to be weighed carefully against domestic and global economic
4 h) g2 L/ h. y$ ^* r( sdevelopments.
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Information note:
. Z' \+ ^. @ r( T6 ~" h# n' L; u6 XThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
# D4 U7 c8 J& J) ]) ~* Wof the Bank's outlook for the economy and inflation, including risks to the projection, will be
7 I) q4 F+ w& y6 u( T9 J+ |) }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！
