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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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OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight- l- H1 y9 X4 M' ]
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly0 a4 s+ y& L8 U0 n! d
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal) A" M! l6 B8 i, O- Q
operating band of 50 basis points for the overnight rate.: W+ }; h- x: ]4 o: {9 c2 q6 i
% N& g3 V& ^- ~The global economic recovery is proceeding but is increasingly uneven across countries, with2 f D- ?3 k9 u, i
strong momentum in emerging market economies, some consolidation of the recovery in the4 t; ^7 ?$ k4 Y9 V' B0 x
United States, Japan and other industrialized economies, and the possibility of renewed weakness& j6 b3 `- M/ b: @
in Europe. The required rebalancing of global growth has not yet materialized.+ z+ Z9 A7 S5 I3 |- g* O
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal- z3 A1 X( N7 R
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
$ G' o% h' p& M+ Z! F5 J1 T5 G. u0 nvariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result. V3 r+ }1 W( y! p* R
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an z7 r; R$ K0 h5 g
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the$ l" ]% u3 s$ W' r3 T; Q) z& [
spillover into Canada from events in Europe has been limited to a modest fall in commodity; S# v# H3 x& D9 f
prices and some tightening of financial conditions. Q5 ?) X8 h6 L: f& Y( B& @1 I8 M& f
3 G4 t! f- F( {. SActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent3 y, i: L: d$ ^9 _% I; u
in the first quarter, led by housing and consumer spending. Employment growth has resumed.
# W/ T$ y1 p& m2 q' pGoing forward, household spending is expected to decelerate to a pace more consistent with$ j. B( D- r, P7 F1 _* b! n- T
income growth. The anticipated pickup in business investment will be important for a more
4 z, p( ~# k4 ebalanced recovery.
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6 m9 L- d: D5 O0 {CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
2 C$ R7 U" _4 M& d! R# e4 n: S7 ^the combined influences of strong domestic demand, slowing wage growth, and overall excess
2 S$ a9 X: J" `7 x* F# Isupply.
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/ `! y; W r; j4 ~% AIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and1 M, O" f. Y! z
to re-establish the normal functioning of the overnight market. This decision still leaves considerable
+ d; Z4 |! t# @+ b& x6 P, o6 Xmonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
6 Z' _( N+ C$ |0 Wsignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery./ p7 H6 M6 G+ }6 a" a7 K
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Given the considerable uncertainty surrounding the outlook, any further reduction of monetary
! ^$ n0 A( L- v/ [/ m$ X" Lstimulus would have to be weighed carefully against domestic and global economic. h# e5 @: f5 p
developments.
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Information note:0 C ^7 U8 O" Y Q
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
% }( G; h8 H# p V7 [1 W# c zof the Bank's outlook for the economy and inflation, including risks to the projection, will be: j2 B6 } A6 z7 g1 a& p
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！
