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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- x3 Z$ s8 J0 s1 I
, C% y# t, b9 d- d: l. w' pOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
9 P' L: N) M. t4 ~ d9 X) Brate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly4 H# X: k9 V7 N G% z
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
! h3 ]9 _/ M9 i" V! [: doperating band of 50 basis points for the overnight rate.
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7 y. z f' H/ ?$ _The global economic recovery is proceeding but is increasingly uneven across countries, with
, {" t7 C+ ^, R* B8 R* B$ J& e1 lstrong momentum in emerging market economies, some consolidation of the recovery in the! x" i5 R* q# H) {4 D! s. T
United States, Japan and other industrialized economies, and the possibility of renewed weakness$ x- E3 M. | k0 C, F+ y& ~
in Europe. The required rebalancing of global growth has not yet materialized.
) L4 u( _9 n( L# J* z C T# ]) P* TIn most advanced economies, the recovery remains heavily dependent on monetary and fiscal& v, @* q$ @2 ], N5 @
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the6 i8 D2 p( D/ d0 R% u8 l
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result) o6 y' G; R# w# B" K$ k
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an0 R; |7 U( C1 O; s5 ?
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the1 o2 e. h% V, Q9 I( Y8 |5 d- Y, U
spillover into Canada from events in Europe has been limited to a modest fall in commodity- L" j5 ~9 M/ E3 k, m
prices and some tightening of financial conditions., g/ s' f/ v1 @6 m/ y
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Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
7 g* H; R$ X: _* u* O- w. o- Kin the first quarter, led by housing and consumer spending. Employment growth has resumed.2 Y6 Z7 @) ]% h! `- P
Going forward, household spending is expected to decelerate to a pace more consistent with4 y# J! k$ l. ^8 w/ T& u9 t
income growth. The anticipated pickup in business investment will be important for a more
' [( ?& ^5 G* p6 mbalanced recovery.5 K. Y8 _, ], p, L5 U! l4 c& B2 {
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
( R4 P+ ?5 E/ c9 |the combined influences of strong domestic demand, slowing wage growth, and overall excess
) A" M, H: W+ u3 e- Osupply.
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In this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and
$ p' E5 l9 _. W2 v/ W% m* Oto re-establish the normal functioning of the overnight market. This decision still leaves considerable ' `* v1 r4 O- h N* J# D& l! h
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
* w! z8 K7 E# }5 Zsignificant 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
& ^" c }* y* p) @, \0 ?& [$ w& Kstimulus would have to be weighed carefully against domestic and global economic; {1 H2 _, i, W% s3 _
developments.. G: V" {/ R# [( W6 Y9 B* c! Q
; J( k4 W7 [' O. V9 zInformation note:1 j4 F4 v- Y5 k- ~, V4 e% ]
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update$ K1 O; v' _& w/ Q- e
of the Bank's outlook for the economy and inflation, including risks to the projection, will be1 j, \1 M7 r; @" I7 k
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！