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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& _: b% d& @+ v+ ~+ t/ p
# ^3 V4 D9 R- YOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
( ]1 g, {& r' \$ Trate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly/ \# B- \$ z/ g% G
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
) P( A5 U8 W" \1 i! ^3 a% c6 k# joperating band of 50 basis points for the overnight rate.7 n( v( C- p8 S: u+ d/ `6 C' E
2 f' |' u+ F5 V1 H I' V" aThe global economic recovery is proceeding but is increasingly uneven across countries, with' s/ D4 r0 S( ]
strong momentum in emerging market economies, some consolidation of the recovery in the
, i; ^" i0 i, }$ LUnited States, Japan and other industrialized economies, and the possibility of renewed weakness( f9 c7 x1 k% D8 Y$ ]
in Europe. The required rebalancing of global growth has not yet materialized." d; N; @5 @+ `! k, T2 c i
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal% A9 x3 q+ N; P+ M
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
. U `/ ]# [; p" E. q0 i% Z$ @variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result# G) P" n4 H3 u: b( z# @
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
8 h' x; X4 y6 s Cimportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the( o. n' x' N: g/ a
spillover into Canada from events in Europe has been limited to a modest fall in commodity) g. p8 p* W9 q9 R. E5 j( A" ?
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% j' j/ a# s- F
in the first quarter, led by housing and consumer spending. Employment growth has resumed.1 l6 W* b6 r# U
Going forward, household spending is expected to decelerate to a pace more consistent with# R" v# V2 m7 u+ ]% l
income growth. The anticipated pickup in business investment will be important for a more; V x$ D) h/ V- i
balanced recovery.
1 }( H: t$ y; {9 j5 h0 G* C! `; A E9 |/ h) P# J/ p; }
CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects) G6 E3 m8 c* E! e! }
the combined influences of strong domestic demand, slowing wage growth, and overall excess( v. j% S- o7 `
supply.5 n) I4 y. F! T
" {2 k8 x) X" j( }, x. MIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and
7 ]: J. W9 n* t( p; Wto re-establish the normal functioning of the overnight market. This decision still leaves considerable
. F" E Q* n9 P' [monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
8 [/ |# ?+ d* c5 A" N$ D+ n5 E9 ]significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
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Given the considerable uncertainty surrounding the outlook, any further reduction of monetary ~* S& t5 Y# v5 |7 g R, I
stimulus would have to be weighed carefully against domestic and global economic& V( H4 U6 R# Y1 _3 `& `. A
developments.) S3 N$ @8 p$ E+ y
' L; Z$ X2 N( S, w3 J# O& h0 TInformation note:. v7 l5 v8 V# q% c* ^* v
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update3 s9 F0 \0 r9 y1 q
of the Bank's outlook for the economy and inflation, including risks to the projection, will be5 A4 k, ~% q; f' V
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！