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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
$ x, z# S/ T0 U4 H0 _rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
! p: ` L4 N% L! w" H# S- P4 R( ]' Qraised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
7 ]! m7 w. V" c- Y& B n noperating band of 50 basis points for the overnight rate.
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+ f' E" u4 f1 OThe global economic recovery is proceeding but is increasingly uneven across countries, with4 C" j6 m3 t5 W9 o$ {
strong momentum in emerging market economies, some consolidation of the recovery in the% L. t, ^7 W+ g$ d7 D6 v
United States, Japan and other industrialized economies, and the possibility of renewed weakness" L7 e1 b; `% b9 X2 z, @+ i" a
in Europe. The required rebalancing of global growth has not yet materialized.
. Q" c" F2 h" y, ^; T! N, O) @In most advanced economies, the recovery remains heavily dependent on monetary and fiscal3 y Q; `+ ], v8 v( Q' v4 M
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the+ }5 l* j, ^ A. _: }) z
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
5 a2 z5 A8 O6 r2 H8 y s9 C5 }in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an( w2 S/ D2 K( \( u
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
; k+ B7 u& ] l0 r+ k) Ospillover into Canada from events in Europe has been limited to a modest fall in commodity( j6 c9 S" K& Y1 z' g8 `
prices and some tightening of financial conditions./ X* ^. F8 N. o! Q2 T8 X
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Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
) w4 r* M4 y( a p+ U2 _" ]in the first quarter, led by housing and consumer spending. Employment growth has resumed.' {+ X$ W/ h8 }! T) X( q
Going forward, household spending is expected to decelerate to a pace more consistent with2 Y5 B1 t- S8 c+ h. o5 [, l7 U
income growth. The anticipated pickup in business investment will be important for a more
9 l+ G7 F4 ?7 v' `0 j: E0 ?balanced recovery.
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects, z" a* `5 p$ ]1 F
the combined influences of strong domestic demand, slowing wage growth, and overall excess
, ?8 |: g$ x/ ~- ^supply.
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' P5 V4 a$ x5 H) r6 `% l2 aIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and
. k: f( `4 N7 t& Y0 E0 H# k+ ^9 c! @to re-establish the normal functioning of the overnight market. This decision still leaves considerable
0 ~* X" O% T! ?5 Y; h2 {monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the ; D4 s6 `6 L; k! }% q
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery." z8 O0 E* [) W( Z2 j
r. K' `& Z& i! [7 ^% e- ^Given the considerable uncertainty surrounding the outlook, any further reduction of monetary
; r0 D- X& j: O" A4 K7 G* Rstimulus would have to be weighed carefully against domestic and global economic. E M+ c: A7 p! W
developments.
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Information note:! n+ f, l1 c* `3 w7 l. u" H
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update( l1 B/ h+ R2 I
of the Bank's outlook for the economy and inflation, including risks to the projection, will be4 V3 O% h6 L# l# U7 W
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！