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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
) N$ x: }( I, G% R) O: T9 Erate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
' `- C/ V) C+ T) ~) x0 L8 o- oraised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
c- m; U/ ]! F3 Noperating band of 50 basis points for the overnight rate., A+ s* ? T4 d9 e/ X3 X; _1 c4 g
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The global economic recovery is proceeding but is increasingly uneven across countries, with
/ {& f1 U1 j6 S1 x- g) P; Ostrong momentum in emerging market economies, some consolidation of the recovery in the
3 Z$ ]# T0 Q. Y4 T* ]. F7 qUnited States, Japan and other industrialized economies, and the possibility of renewed weakness
3 @% ^; v6 |* r/ Q9 B2 K. fin Europe. The required rebalancing of global growth has not yet materialized.4 A& G( ^& z' o' w4 D7 D, s
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal% ?3 a3 r" I( u0 s
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
4 o2 ~, g9 A' k3 k1 [! D; z' e) \variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
# `" a4 J6 @" v" S F- Gin higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
5 u" C8 b1 B) w: Y& C$ Fimportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
5 Y+ g* ^+ y0 V: sspillover into Canada from events in Europe has been limited to a modest fall in commodity* e, F" `) {; i% j# v- m9 ~
prices and some tightening of financial conditions.7 S8 v# ^. j/ X8 v6 c- v
. g3 e: f i( W: m$ [% SActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent8 ^8 J; @( t, K9 L- z3 \
in the first quarter, led by housing and consumer spending. Employment growth has resumed.
, I5 D* M3 I: H! YGoing forward, household spending is expected to decelerate to a pace more consistent with
# K8 j2 v$ f( s5 Tincome growth. The anticipated pickup in business investment will be important for a more
- r; }* I: L5 [balanced recovery.+ ^9 J9 D9 O0 [7 z& X! P3 i
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
( M9 x1 F: ?1 H: bthe combined influences of strong domestic demand, slowing wage growth, and overall excess, H2 p* T0 T' V6 ?9 S, R/ w
supply.
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% F- S/ z$ z A( uIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and
0 d$ R9 K) w4 J- ^; {. ]to re-establish the normal functioning of the overnight market. This decision still leaves considerable
. Q* ]1 _9 y& X& D( s. `0 p8 j) _/ ^monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
; V5 |2 F) J. K3 [; r# Fsignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.5 J A0 d' J# ]
6 ]# K/ N& f. R2 d. K. P& X5 uGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary1 M: P1 H3 c4 a- f/ v7 h% k
stimulus would have to be weighed carefully against domestic and global economic
, [5 R8 d V1 {/ ldevelopments.
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Information note:! T# r: f9 o6 }$ W$ B
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
2 z0 v/ G% d' e% Q; f$ ~of the Bank's outlook for the economy and inflation, including risks to the projection, will be
( \" a5 |: Y3 O1 B5 M, Z. [% {0 ipublished 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！