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Bank of Canada increases overnight rate target to 1/2 per cent and re-establishes normal functioning of the overnight market7 L8 K7 \. p* v1 N8 k0 o% M& F" W# a; y
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OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight0 u; i" ~2 W/ ^+ ^5 ^6 C0 u! w
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly9 i9 w( f. O: S$ p1 N- x3 A
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
* Q, \/ L4 \, o, T8 x4 Moperating 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- S& {, \, c* F7 [$ @! ^- a
strong momentum in emerging market economies, some consolidation of the recovery in the
a% a2 A( u' ~& i. |1 KUnited States, Japan and other industrialized economies, and the possibility of renewed weakness
/ I% T6 i h$ d& \in Europe. The required rebalancing of global growth has not yet materialized.( f9 P# Q Z8 B8 W8 p G0 w
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal
& x' o1 L: k& f; t, z1 \; gstimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the% Y, N- b! E. l' u
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result) c" ^* R# ]4 X6 S& g6 B- ^- c4 m# V
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an/ M& [2 U6 O6 ]9 [" i+ F
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
. |* E+ x# l/ b* [. P" s5 x8 c& Tspillover into Canada from events in Europe has been limited to a modest fall in commodity$ D5 U! e% f: p( o ~: e4 g. W0 _
prices and some tightening of financial conditions.' Z( N! N5 V5 e2 P& s
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Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent" \9 q6 ?/ o: N1 q
in the first quarter, led by housing and consumer spending. Employment growth has resumed.4 g) X6 Y/ P) p5 [7 N
Going forward, household spending is expected to decelerate to a pace more consistent with, W4 i" [- {9 l" E# k
income growth. The anticipated pickup in business investment will be important for a more
( |1 B( v0 N4 R4 }, F; v5 v' Mbalanced recovery.- T' _+ S' [( _9 R
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects8 M. p I0 P# K, ]& z+ j
the combined influences of strong domestic demand, slowing wage growth, and overall excess
$ a: v ^5 K) q/ W% _$ c! h( W Y7 Isupply.2 C e5 W2 c# R& @0 E
" W3 c& S; a9 _$ k! a2 HIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and& o# }! H* v! x# x, k/ E
to re-establish the normal functioning of the overnight market. This decision still leaves considerable
; {! D9 f( J* O7 Q2 ?# T, Pmonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the ( j8 f7 d5 f( i5 V5 b/ f: [" V
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
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! C& H3 j$ o' I6 d# {Given the considerable uncertainty surrounding the outlook, any further reduction of monetary
/ G/ J5 H" W' a; b# x1 \# K1 gstimulus would have to be weighed carefully against domestic and global economic
! M. e( [9 C* S7 n1 G5 ndevelopments.
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Information note:7 m! x5 B6 V, U' H- T
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update5 h( W. B/ H1 |* u& [7 B1 p+ C
of the Bank's outlook for the economy and inflation, including risks to the projection, will be
5 q2 S f7 O% e c- w l' _0 l$ Q2 Epublished 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！
