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Bank of Canada increases overnight rate target to 1/2 per cent and re-establishes normal functioning of the overnight market0 Q [0 T3 ?; c# q
+ x1 x7 l: C# v7 x2 DOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
( \' S& c: ~4 g2 j2 `& a! G* Erate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly2 {- ~5 J6 m* c: M% p, r
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal9 p* \1 q2 g" q' L8 I
operating band of 50 basis points for the overnight rate.
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" ]# t/ m; v- FThe global economic recovery is proceeding but is increasingly uneven across countries, with
* @9 i( |) l @9 x" Ostrong momentum in emerging market economies, some consolidation of the recovery in the+ b0 Z8 }% { P( f- E6 E+ Z
United States, Japan and other industrialized economies, and the possibility of renewed weakness1 B& j9 b* z% r- I
in Europe. The required rebalancing of global growth has not yet materialized.
; ]# Q, c1 c$ f) iIn most advanced economies, the recovery remains heavily dependent on monetary and fiscal
5 `# Q$ Q' G! K6 y4 E! cstimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
+ f4 ?. g$ S8 {0 @) Gvariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
A8 g8 z8 H! q( `: q6 vin higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
! v5 T+ K& c" _6 O5 G6 J) M0 }$ [important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
8 p( Q; T7 Z! ^/ U* uspillover into Canada from events in Europe has been limited to a modest fall in commodity
! d9 W; D( v8 Zprices and some tightening of financial conditions.
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" F/ s- ~0 n, B" f2 p# z* AActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
1 \1 w# M& r& P6 s. ^in the first quarter, led by housing and consumer spending. Employment growth has resumed.
; Q$ y) M0 T" w# J" _Going forward, household spending is expected to decelerate to a pace more consistent with) m2 ~! q. w) P# e" y
income growth. The anticipated pickup in business investment will be important for a more
$ V- L% I6 @- @( J8 }. [& pbalanced recovery.! S; Z) x! K/ O$ ?. Q4 Z- S
. _4 ?# P5 d: T7 Y* VCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects! i4 Y$ ]7 M# H3 ?
the combined influences of strong domestic demand, slowing wage growth, and overall excess& W# h9 r, Q# V
supply.1 M3 Z y- Q& U6 q* R; {; z" T- r
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In this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and8 Z7 `3 C% J- I. Q( r& A' W
to re-establish the normal functioning of the overnight market. This decision still leaves considerable
4 H$ L$ g) j. E2 M8 Y; j/ J8 xmonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the & U M0 f8 Y+ O1 L: B/ |6 ]
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
+ x) d3 @- z; S. O
0 f6 N! A6 ?; B. o; r T% l$ JGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary
: [+ }) B! B3 N" w0 ~$ sstimulus would have to be weighed carefully against domestic and global economic; }3 ^/ N* F0 P; z
developments.6 i( ^% B- Z% T# S. c0 T
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Information note:* j, b2 J' C& {. h
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update/ T5 |* N' j% J
of the Bank's outlook for the economy and inflation, including risks to the projection, will be# \5 G N' ?4 X X) w9 m/ G+ K9 Q
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！