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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
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% n$ `2 n0 J& ]OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
+ P) I3 S, ]! k. Mrate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly/ N( O% U# y0 G: g! F
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal+ K0 @- ^: f! t$ @) U9 t; ~
operating band of 50 basis points for the overnight rate.: b; m- x' {& Q: j5 }: B
2 D* D! z/ I* C% NThe global economic recovery is proceeding but is increasingly uneven across countries, with5 u0 B3 I8 t$ F& a
strong momentum in emerging market economies, some consolidation of the recovery in the4 H; O5 ]( C1 ^! z2 ^
United States, Japan and other industrialized economies, and the possibility of renewed weakness+ p) W. e5 v" H
in Europe. The required rebalancing of global growth has not yet materialized.
! m" o( X: j# Y \In most advanced economies, the recovery remains heavily dependent on monetary and fiscal# x2 A1 L8 H4 H- N; r- r% z
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the6 }- F' h& u4 L% l7 ?. B' B5 r
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
+ A$ q, _. `# \8 J) n Oin higher borrowing costs and more rapid tightening of fiscal policy in some countries - an. |+ h) [ h" h
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the$ A& d7 @. |! H
spillover into Canada from events in Europe has been limited to a modest fall in commodity
/ o! b, A2 J! W8 ]9 l' cprices 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+ o1 Y5 f3 s! v* Q$ _6 t5 M
in the first quarter, led by housing and consumer spending. Employment growth has resumed.! P* K7 [+ `6 t& f) S- r
Going forward, household spending is expected to decelerate to a pace more consistent with
2 ^! `( @) a6 Z8 [( Lincome growth. The anticipated pickup in business investment will be important for a more2 g5 w- ]$ T3 D
balanced recovery.+ Q: d& E" s% m$ s3 B0 O
# V; F8 _4 C$ T9 ^( nCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects/ h/ X: p/ |" ~4 g
the combined influences of strong domestic demand, slowing wage growth, and overall excess6 K% t+ Y( [" a
supply.
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; N9 m* ~- U1 l$ [ f* t; I8 a0 tIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and
$ u) i3 i- i( j2 Wto re-establish the normal functioning of the overnight market. This decision still leaves considerable 6 t) D: Y: L5 a' ^5 F, S$ p4 p K: x
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the : U, U5 n9 |: s& ~
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
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6 o8 G; q7 H) J7 q( M$ P5 {Given the considerable uncertainty surrounding the outlook, any further reduction of monetary* O3 T' a- U" ^" }
stimulus would have to be weighed carefully against domestic and global economic
9 B) x$ u0 k% Udevelopments.
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Information note:& `/ }3 Y( q7 G9 o) N
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update/ E" R% w' L% F3 l D# Q
of the Bank's outlook for the economy and inflation, including risks to the projection, will be
) f- t+ [8 ~: h) ~$ bpublished 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！