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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% f7 f1 z+ d2 V
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OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
. ]# g1 @ _# ]+ y' P& Urate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
: A; i0 p6 W, [raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
4 @& t2 h3 d/ L+ doperating band of 50 basis points for the overnight rate.
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; a& e# L/ c9 w$ b3 CThe global economic recovery is proceeding but is increasingly uneven across countries, with
; I8 F2 Q" ~2 F" [) M/ P. Xstrong momentum in emerging market economies, some consolidation of the recovery in the1 U4 g' t; s, ^" y
United States, Japan and other industrialized economies, and the possibility of renewed weakness
# J: I- ^( R( q& c8 D, H- A3 Jin Europe. The required rebalancing of global growth has not yet materialized.) B' B8 N- v, q' H0 ~4 J
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal/ \+ `- W0 L6 H* R3 w' }, J
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
# M/ q1 I+ ?' w1 k% m+ n. H' Z7 {variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result" F% m# d7 f. @9 X" x7 s4 c& Q7 y
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
9 e) F- _% U5 O8 i5 @important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
" F* h( s! T; g5 [# Dspillover into Canada from events in Europe has been limited to a modest fall in commodity
# d C* y+ K" }' J7 p8 `1 Aprices and some tightening of financial conditions.1 l h) ] ^5 Z
0 L0 S7 C5 S' M9 H/ N) q, [ `Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent( H8 p( G5 H) |
in the first quarter, led by housing and consumer spending. Employment growth has resumed.
. K3 \; _: s/ o. M ^5 jGoing forward, household spending is expected to decelerate to a pace more consistent with8 q, N% x' @% [3 }( r6 ^
income growth. The anticipated pickup in business investment will be important for a more
" ]/ T+ {/ d1 B4 d1 \- |balanced recovery. G+ ]! n0 l7 m9 G r
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
, U5 d7 q1 @9 ~* x2 mthe combined influences of strong domestic demand, slowing wage growth, and overall excess
+ L9 r( ?* r+ A* \4 Wsupply.
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In this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and0 R, x$ o$ V! w( D
to re-establish the normal functioning of the overnight market. This decision still leaves considerable + |$ J/ A- R. b/ u" Z i# Y1 f
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
7 J9 Z' N( h! `, @; msignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery." A. y$ S8 ~. j" W2 J
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Given the considerable uncertainty surrounding the outlook, any further reduction of monetary% @0 D* a; \1 |" g% L
stimulus would have to be weighed carefully against domestic and global economic' _: i4 o: `- E- a/ z
developments.
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Information note:
3 J" z) W5 g" r( E! Z* rThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update. M4 P* D0 {3 j O9 Q
of the Bank's outlook for the economy and inflation, including risks to the projection, will be
0 t% z9 h" l5 q5 R' ^: `* zpublished 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！