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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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/ z% p: W; O$ ~1 ^, i/ C& ~* DOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
6 P, N8 G: U" Grate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
0 N) Z+ ?/ h: L' C: ]raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
, o; g l; @# Y; |* {, N. V# Qoperating band of 50 basis points for the overnight rate.
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. u, {2 P; z7 L A: b0 [The global economic recovery is proceeding but is increasingly uneven across countries, with
, W+ v& {6 ~3 n' cstrong momentum in emerging market economies, some consolidation of the recovery in the
, E; i4 C# W- F3 J7 c( {) WUnited States, Japan and other industrialized economies, and the possibility of renewed weakness5 ?: t* i2 C' a& d# ~
in Europe. The required rebalancing of global growth has not yet materialized.; C# x8 i* z% H
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal7 Q& i) S1 I# x, s
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
: ^6 ~4 }0 `: l$ g/ Wvariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result! T6 h+ l, |0 a z- B
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an# O; t J$ m3 i5 F1 m3 t2 \
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the1 A, ]: e* I$ r( w
spillover into Canada from events in Europe has been limited to a modest fall in commodity
2 E. S, G! E% q6 D qprices and some tightening of financial conditions.
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7 c$ H, C) \, lActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
z. N1 ]& @2 G: ?% \( D( Sin the first quarter, led by housing and consumer spending. Employment growth has resumed.9 `# D$ j7 ?- ~0 C6 a. O1 _- x2 i
Going forward, household spending is expected to decelerate to a pace more consistent with
- E0 g8 f# q- F, Cincome growth. The anticipated pickup in business investment will be important for a more3 ~7 y5 v. ~! F# i! T
balanced recovery.4 A# j) r3 U. \6 X- s! s
3 ~. ` F2 B7 S/ ~CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects% g1 K* `8 D1 I' k# q: J, k+ K" t
the combined influences of strong domestic demand, slowing wage growth, and overall excess
* a% [) \* T5 @# ]! p, ]supply.; k0 ^) G7 [9 u7 H: ~
, x; u. q- |7 `' ]
In this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and4 ?' [3 U. I V3 L1 ~8 f
to re-establish the normal functioning of the overnight market. This decision still leaves considerable
1 L; s7 s/ m4 F: n. c& ]2 amonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the # N# J9 `. Y9 z5 X
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
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' h3 J- O7 }' z# KGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary
- [0 y6 y: _" `0 v/ c \0 t$ vstimulus would have to be weighed carefully against domestic and global economic L# V* I P/ ]% r
developments.
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/ A$ w7 K8 n: ~' I4 RInformation note:
* e& q4 r1 f2 y" P3 s6 W( yThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update% z& K' g. {1 b% C& p' Y
of the Bank's outlook for the economy and inflation, including risks to the projection, will be
4 S4 X; q4 ^% Q/ v2 Z+ I8 K! rpublished 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！