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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! N1 J# ]* \* _: n( i# P; D
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly" Z& D3 x- ~6 k/ q
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
& d( x; X/ j1 o |2 ooperating band of 50 basis points for the overnight rate.
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The global economic recovery is proceeding but is increasingly uneven across countries, with
- _* l, L+ Q9 X) n% nstrong momentum in emerging market economies, some consolidation of the recovery in the) B& J1 I7 j' [* j; _' z' i1 I
United States, Japan and other industrialized economies, and the possibility of renewed weakness
/ m# N, [5 y/ p# j5 Yin Europe. The required rebalancing of global growth has not yet materialized.2 v: l) c# N3 ?$ b
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal
$ f: U' \ i% m2 F5 X e. v$ Ostimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the! O3 W2 G5 L* t
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result) t7 Y& \3 y1 A0 n2 a) v
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an4 @0 ^ F+ s8 u+ K* S# N( l% q) v2 z
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the2 c" R" j/ R" c/ R" I$ y1 `- X
spillover into Canada from events in Europe has been limited to a modest fall in commodity
( G& s; M7 R8 B0 f! jprices and some tightening of financial conditions.
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Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
7 ?/ N1 n% \ O" t6 ?in the first quarter, led by housing and consumer spending. Employment growth has resumed.
1 T1 l: k7 Q; B3 z# `Going forward, household spending is expected to decelerate to a pace more consistent with
: n! K: |9 p' b: }* ?% Sincome growth. The anticipated pickup in business investment will be important for a more
4 z+ S% E6 A& fbalanced recovery.
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: E! l0 {% x' _# O' E; UCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
0 k! O( c; E: F) T4 ethe combined influences of strong domestic demand, slowing wage growth, and overall excess- h( I" g( Z- b5 A7 m0 a
supply.9 m) Y0 v! ?' h$ @- v
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In this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and2 M5 z* K4 k- l( _
to re-establish the normal functioning of the overnight market. This decision still leaves considerable & G7 n4 q; j+ d2 H8 c
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the ; x0 a3 t+ ~; ]$ u" M o7 p0 H
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
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) I o: |. K, u) h. PGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary6 l5 }2 s; y ^1 C+ V& T
stimulus would have to be weighed carefully against domestic and global economic' v& H0 o" ^/ v' m0 N
developments.
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Information note:
3 i h; p N9 w) Q; V; KThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update! f2 a: d7 X- u! ] [0 n
of the Bank's outlook for the economy and inflation, including risks to the projection, will be" T: s7 G" O% [9 O5 c/ _
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！