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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
. e$ d2 n- o7 k) m0 }rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly( b# A; X6 d9 e5 U/ Z9 l& E
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
0 m( ^3 F# }; i1 {operating band of 50 basis points for the overnight rate.
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$ \2 _- v/ b# [" v6 \The global economic recovery is proceeding but is increasingly uneven across countries, with2 ^. m+ p" O6 q1 H5 B4 f: s
strong momentum in emerging market economies, some consolidation of the recovery in the
& n, |9 I7 }# @4 ~$ \; q, q! G6 EUnited States, Japan and other industrialized economies, and the possibility of renewed weakness
8 [$ b. p- A$ k9 Q, `. _ Cin Europe. The required rebalancing of global growth has not yet materialized.0 g* O7 D! \- c% u* J
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal+ `) Q2 {+ y/ E d- x
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the9 U6 I3 N; {4 U
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result0 z2 H+ x) P1 ]7 z2 ]; i
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
9 s4 O$ M) x, `8 q# X1 Wimportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
: o: W3 b4 ]( ospillover into Canada from events in Europe has been limited to a modest fall in commodity
7 _* a# C* M x& e7 z! Y* f8 yprices and some tightening of financial conditions.% y# m2 `3 G* s; Q
4 H8 ]# i0 h! X+ }3 o" H% }+ NActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
; H% R% J7 k% e7 l9 ein the first quarter, led by housing and consumer spending. Employment growth has resumed.8 r" E7 T1 K R* L
Going forward, household spending is expected to decelerate to a pace more consistent with$ V4 m/ h6 ?4 L9 D6 m6 ^
income growth. The anticipated pickup in business investment will be important for a more
( N* P+ N0 |9 I' z- s! ?+ ibalanced recovery.
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( l2 r6 i( ]& s. E& \- `CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
# o+ H7 ~& u& {$ A. Tthe combined influences of strong domestic demand, slowing wage growth, and overall excess
. M# |% ^: `& v" a p4 _1 Csupply.
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In this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and0 v( P a& Z3 o+ t* ~7 K% c
to re-establish the normal functioning of the overnight market. This decision still leaves considerable / S2 p# F/ T3 b
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
/ g8 U$ J4 J$ s! j6 Msignificant 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( b F$ S) v5 O O
stimulus would have to be weighed carefully against domestic and global economic
1 C5 D( C ~1 w0 A r% q) a1 |developments.5 Y3 ?$ Z) M4 j2 [2 L2 N
! ?$ j9 m9 x9 u( V# W \1 w, K2 TInformation note:* h, C+ Q. W$ e+ g: y
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update% w) @0 ~8 j" B9 ~/ n2 O
of the Bank's outlook for the economy and inflation, including risks to the projection, will be
- ]) g* o) n5 V; O* }' B lpublished 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！