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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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' q" q9 J+ r9 sOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
: I( [' P* E5 ] T0 vrate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
# S( m7 l* E; s0 m/ W# i: v9 Graised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
3 H4 n3 m) r- C& K' Soperating 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, with3 V: |* P h3 ]; e+ u; W9 ^
strong momentum in emerging market economies, some consolidation of the recovery in the
6 g9 E/ C9 e/ N1 _5 {4 G% cUnited States, Japan and other industrialized economies, and the possibility of renewed weakness
2 c' q! l2 }9 E; o3 X! n sin Europe. The required rebalancing of global growth has not yet materialized." m( j+ h. ^3 F% n
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal
" z1 }' [3 F X' O2 V$ Tstimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
4 r' F0 E A" G& j5 p6 _; ?0 c' L6 svariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result2 Y$ s$ I; J$ \4 V4 W1 ?0 d4 W& k' D
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
% L L' C# N# y, m6 S' gimportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the0 o6 e0 L C7 n! Q! A
spillover into Canada from events in Europe has been limited to a modest fall in commodity
3 s2 ^% o( K, h; r# l4 fprices and some tightening of financial conditions.1 j7 e& R& I. ^
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Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
T5 T% X- T' x+ w9 d: x2 Zin the first quarter, led by housing and consumer spending. Employment growth has resumed., D% K& q/ V. _" N
Going forward, household spending is expected to decelerate to a pace more consistent with; F5 r" n& R8 C: R6 F% ?" |7 C# X
income growth. The anticipated pickup in business investment will be important for a more
3 C1 Q( j, p; G3 z' A/ ~balanced recovery.& V# U3 \& O% u" V) E3 N- t
* ]! u7 g L/ ^' a0 s. C( kCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
9 l) V, p N! n( Zthe combined influences of strong domestic demand, slowing wage growth, and overall excess
% o. |6 I$ N* psupply.8 Z. ^5 E' h" c5 a& z0 A
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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
v6 H/ |: S L7 e5 x/ cto re-establish the normal functioning of the overnight market. This decision still leaves considerable
! X% b0 {; l6 f9 G" ~monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
o6 t7 a6 `# I) d% Ssignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.# h* ]: S/ [- V R6 k# ?
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Given the considerable uncertainty surrounding the outlook, any further reduction of monetary* [; v f1 x" ?; W/ ~) F. B& Z6 w
stimulus would have to be weighed carefully against domestic and global economic
* J$ z' f7 f# _& O" i8 ~: Z- odevelopments.
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Information note:
2 q& V* c* z) ^( u. a6 [3 ]The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
# g, b5 b* Y O! y" W+ n( Y: Nof the Bank's outlook for the economy and inflation, including risks to the projection, will be$ p+ a* K: A4 N, s" R' }
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！