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Bank of Canada increases overnight rate target to 1/2 per cent and re-establishes normal functioning of the overnight market9 D. X% s# z' X8 F
" O |3 y) p* O$ {! D2 S3 p2 Z+ z
OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight' s! A' t0 k( f/ L- M; A3 O3 m. n8 a1 t7 j
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly- t8 N3 R9 x1 R* [7 e: H- c/ t
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal d4 T. K; }- E) Y6 J. p
operating 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
$ r0 |" c4 S( @& pstrong momentum in emerging market economies, some consolidation of the recovery in the
2 `1 s5 Z1 t: j' HUnited States, Japan and other industrialized economies, and the possibility of renewed weakness
# u. B+ u+ i/ o. G/ Q. iin Europe. The required rebalancing of global growth has not yet materialized.
. r# m7 H; b; S0 E, mIn most advanced economies, the recovery remains heavily dependent on monetary and fiscal2 V( ?& ^0 G- M$ O* C
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
! R8 t- V( B |1 V& q3 nvariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
; q! I; k( D& a8 K5 Y2 U& ?in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an( f# G5 t5 U# \0 g; H, P# s3 j
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the* b* v, `$ d" S
spillover into Canada from events in Europe has been limited to a modest fall in commodity
: x9 `4 \1 @' {) N8 F$ f4 c: t/ f sprices and some tightening of financial conditions.
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# t u+ [3 F0 U( M3 J) z9 nActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent! M4 K; Q, o: u
in the first quarter, led by housing and consumer spending. Employment growth has resumed.
3 P! g+ b7 x% M0 OGoing forward, household spending is expected to decelerate to a pace more consistent with I& w; ^6 J" p% Z$ j, x' v0 K
income growth. The anticipated pickup in business investment will be important for a more' ?1 h; E7 J% Y
balanced recovery.
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; m( y* C$ `6 k& j8 z9 u( _" CCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects" G1 B( L$ d0 e1 Y
the combined influences of strong domestic demand, slowing wage growth, and overall excess9 }$ w3 \ @) n
supply.+ A+ q- Y# b, o0 i8 q
! @( F2 D3 O8 PIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and
( E' N7 _# ?$ eto re-establish the normal functioning of the overnight market. This decision still leaves considerable 6 i4 Y7 E3 S! l! h" s
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
& l, B: C% r2 N2 y: L8 I. |# Hsignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery. r) q* {5 U+ V$ F
0 H) P, G- }& U3 ~Given the considerable uncertainty surrounding the outlook, any further reduction of monetary4 A- {$ x+ `. _1 n
stimulus would have to be weighed carefully against domestic and global economic
9 W# C9 i1 A4 k0 ?/ T9 ydevelopments.
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Information note:
2 D4 ^8 D1 r4 X' E* \+ g: d+ W' eThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
9 k+ u! J; h1 t$ q2 I' Yof the Bank's outlook for the economy and inflation, including risks to the projection, will be
( I. t. m7 u/ \8 O) Hpublished 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！