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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$ d' X% x/ t9 {
7 x1 ?: s4 W( I1 Y& OOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
) C0 D+ `8 w# S4 o* Prate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly/ \% o' B% [, P G" l
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal0 w! R. u6 Y2 S& Q: v" D
operating band of 50 basis points for the overnight rate.8 s+ N% B, z6 q4 a% _: S$ A
9 z8 q; r- e5 L" R/ J7 A2 s3 ZThe global economic recovery is proceeding but is increasingly uneven across countries, with
# M: i4 O5 E8 N% _' Z+ |% m$ @! Gstrong momentum in emerging market economies, some consolidation of the recovery in the
, @+ \1 ^* {: I, c, xUnited States, Japan and other industrialized economies, and the possibility of renewed weakness( P! L* W6 a% l$ y
in Europe. The required rebalancing of global growth has not yet materialized.0 }6 f" Q V+ j5 m" M8 D" n" p
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal
; S: G/ n6 P* |& N5 s% w1 [1 @- Pstimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
8 I2 l# g* ?, s3 s) ?0 Kvariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result, T% \, c% a4 R
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
& z4 M" \% z7 _- ximportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
7 S; b) e; l, V+ f. [0 yspillover into Canada from events in Europe has been limited to a modest fall in commodity G: k6 ]1 }1 n0 E" R& w
prices and some tightening of financial conditions.
7 r, n: g/ I/ T8 ^
4 R, ^* [: N& E! K& zActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
* M" x! w. R3 e; E W. zin the first quarter, led by housing and consumer spending. Employment growth has resumed.
' U7 X: Z7 _6 S% @$ W1 K' vGoing forward, household spending is expected to decelerate to a pace more consistent with+ F" [% X0 i: [/ p" n+ \; u0 {8 n4 D
income growth. The anticipated pickup in business investment will be important for a more# T. x. b4 Z% R- Y2 v
balanced recovery.) W8 t3 K' Q/ U+ a) r; z6 m
2 H" w# _$ A9 K7 p; a% cCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects% m# z& ~- m. I X! P. c
the combined influences of strong domestic demand, slowing wage growth, and overall excess/ e$ U: c" l7 Y
supply.- T6 i, s6 f1 A2 ?1 u: V# ^
! P- A, G' y# v% [9 J2 }In this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and
% z Q+ C5 F gto re-establish the normal functioning of the overnight market. This decision still leaves considerable
8 S2 S* i8 u+ K! C" Q6 rmonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
, a c/ k3 T% }: k' }1 p) D. m; tsignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.7 H* G- r0 G5 E- j) w. ?
8 {3 l7 O8 M- {6 t3 L# K" XGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary
8 l+ O1 J( `1 X5 sstimulus would have to be weighed carefully against domestic and global economic
. F0 x1 M! T* K; I t0 fdevelopments.
# F: k) L p* B
) A6 r: h) p0 @" Y/ f- s* Y, UInformation note:
& z' P9 x; E+ ^8 y# W2 }The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
: Z. @6 d. A% ?' j$ u6 e5 a" tof the Bank's outlook for the economy and inflation, including risks to the projection, will be
* R3 ~5 l/ b( C Q# upublished in the MPR on 22 July 2010. |
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发表于 2010-6-1 07:58
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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！