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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
) ^ a4 k# p% L, M, x: h5 Qrate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
5 L: V3 L- y$ c) [9 _9 S3 e: g+ @raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
4 f) N) b0 n' M2 |operating band of 50 basis points for the overnight rate.
7 r i! p- \2 ~" K
' F" j- C. ~' j0 OThe global economic recovery is proceeding but is increasingly uneven across countries, with
! q; b5 v+ \9 T% ?' k! |strong momentum in emerging market economies, some consolidation of the recovery in the h( M1 j7 V1 j P
United States, Japan and other industrialized economies, and the possibility of renewed weakness6 O5 w- Z( Q9 Q: B7 [- N* D
in Europe. The required rebalancing of global growth has not yet materialized.
& H( N7 i O- z0 o# C+ n& pIn most advanced economies, the recovery remains heavily dependent on monetary and fiscal
5 f# A- q6 Q) G5 r8 ustimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the" @5 m9 t% N4 ~
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result1 C4 V. P) H& m* z- @' i
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
% y5 P8 a8 ^$ Q; Gimportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
0 Q. o b2 F+ i, Gspillover into Canada from events in Europe has been limited to a modest fall in commodity& I3 c2 W1 S E1 @" ]* W- ?
prices and some tightening of financial conditions.* K! U {3 B/ p4 \" R9 z
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Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
: J# o6 X2 [( S, R: ?7 z( t# u! Nin the first quarter, led by housing and consumer spending. Employment growth has resumed.
1 E* g, l2 [, Q8 z# ]Going forward, household spending is expected to decelerate to a pace more consistent with
& M3 f; G& `4 F Z% u, j( ^; oincome growth. The anticipated pickup in business investment will be important for a more
" M/ |" A- Y; J) N% ^ n5 s. H, cbalanced recovery.
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/ Y8 r: o3 ^. l* O. Z* x8 KCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
& C' m9 h, k( Q: K/ ]the combined influences of strong domestic demand, slowing wage growth, and overall excess
; s+ h9 N0 c# K5 x4 k1 jsupply.1 }/ Z' x2 [9 Y! J6 Y
, }+ _$ B4 h1 i' l
In this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and2 m0 T0 |1 ` ]% J1 A2 y$ p
to re-establish the normal functioning of the overnight market. This decision still leaves considerable
& U2 }9 F5 ~! ?* x1 rmonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
6 O9 k% a# r; e. w4 z+ ?8 U% s; usignificant 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
% d [! M K2 d" h: n6 Ostimulus would have to be weighed carefully against domestic and global economic$ O/ Q r: M( |5 G4 u
developments.
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4 ?3 }+ i( h" Y) I' xInformation note:
# I$ k3 k$ \3 m- ~1 _4 C& WThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update4 U) X1 Y% H0 @, N1 D0 X; B+ B' M
of the Bank's outlook for the economy and inflation, including risks to the projection, will be8 O$ G$ V: d/ {& S! B
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！