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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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6 z5 ~ @) i9 f# J% j7 OOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
6 f7 U7 e& ]7 Erate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly/ R: x. d0 k( \" x; o- N# q
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal- P4 f# n" i, x7 o
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" f5 P# B$ T8 ]8 d( l
strong momentum in emerging market economies, some consolidation of the recovery in the
, d: ^( B U' `* }/ @* Q) uUnited States, Japan and other industrialized economies, and the possibility of renewed weakness
! r! l, j6 k3 G( ?4 `) d% |in Europe. The required rebalancing of global growth has not yet materialized.5 J+ y+ v/ W- n; {
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal4 s3 o7 U8 g- q" |" Z6 b( N
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
* u7 r/ |5 ^+ S3 A& h" ?variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result1 `" y1 G% c3 `* ]- e. z
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
! D8 Y2 ]! s1 Z& a' r" |0 T0 ~important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the! y; Z1 b6 b- u( a1 t8 {
spillover into Canada from events in Europe has been limited to a modest fall in commodity
; E: P% A# q. c7 C1 Q% y+ h4 Aprices 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
& z! X8 j6 ~6 y1 R$ ?; p6 cin the first quarter, led by housing and consumer spending. Employment growth has resumed.
, ?9 t0 u( }2 y R2 i7 _8 rGoing forward, household spending is expected to decelerate to a pace more consistent with
3 }5 a& C7 t% f6 b& N0 Iincome growth. The anticipated pickup in business investment will be important for a more
! U5 d& ~3 {, L0 n2 V( vbalanced recovery.
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7 _; ~$ l5 y8 d1 m3 {8 k8 _& iCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects/ v+ Z7 M! P- p$ Q6 b0 u
the combined influences of strong domestic demand, slowing wage growth, and overall excess! S( W B2 ^' S, v) X
supply.
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In this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and
* R5 j1 p8 E! l! j7 e6 s9 G. Mto re-establish the normal functioning of the overnight market. This decision still leaves considerable 5 L* o. p2 i- j
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
0 M2 _0 A( z2 o. u8 L3 _significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
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Given the considerable uncertainty surrounding the outlook, any further reduction of monetary m" S, l' p8 k8 Q
stimulus would have to be weighed carefully against domestic and global economic
! h* \! C9 _1 xdevelopments.
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$ f+ V5 [# o7 g. E! M8 iInformation note:6 u$ H+ Z3 `* F" U- X( a
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
2 R8 K/ t2 ]5 j1 vof the Bank's outlook for the economy and inflation, including risks to the projection, will be
+ M5 @- I, O+ I; \* _7 v/ z4 xpublished 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！