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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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7 R# V; \" g; W! H$ ]& BOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight2 m1 n& r# h( `) b& k- Q5 @
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly p/ s! x5 H1 p% F; h& q
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal6 A3 n6 a* S2 n J
operating band of 50 basis points for the overnight rate.9 C" A5 _0 A2 @) D
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The global economic recovery is proceeding but is increasingly uneven across countries, with Z2 r6 H( v3 y
strong momentum in emerging market economies, some consolidation of the recovery in the
! E5 K/ Z: i% a. N5 P8 EUnited States, Japan and other industrialized economies, and the possibility of renewed weakness4 ?( e3 G! e! c! V1 [. c7 \
in Europe. The required rebalancing of global growth has not yet materialized.
, d1 Q) d- I5 U4 B: ?In most advanced economies, the recovery remains heavily dependent on monetary and fiscal! D3 R2 P# U% c2 q6 K5 s; R) L: x
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the) c' u N* r+ n+ J6 {
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
9 _- P( a$ |4 @/ ^7 n* [9 hin higher borrowing costs and more rapid tightening of fiscal policy in some countries - an! u5 J" y# e: U, D) @3 e
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
; M J3 ~! A2 z6 U3 wspillover into Canada from events in Europe has been limited to a modest fall in commodity
2 z( F1 Q6 q4 V2 k9 _) Vprices 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' K2 q* x" g' }% H7 ^+ n8 j
in the first quarter, led by housing and consumer spending. Employment growth has resumed.# a) \ O2 o) r; T, D8 j5 `
Going forward, household spending is expected to decelerate to a pace more consistent with' m5 D b: l8 e9 `7 T% i. L: `8 J
income growth. The anticipated pickup in business investment will be important for a more
6 A; U: v S) v6 ~5 [- A0 }( M* abalanced recovery.. v0 i" s2 ?# _2 h# I
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects# N( I; l+ L1 t( e2 \
the combined influences of strong domestic demand, slowing wage growth, and overall excess
, W0 i* @9 N: E+ c/ Usupply./ s. }( m+ y: w! I! O
: E* ]% M4 u' l9 P! I/ HIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and
* I5 Z0 R! d* t9 ?* Gto re-establish the normal functioning of the overnight market. This decision still leaves considerable
; X" P# ]1 Y. smonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the % a! n& g- a1 n0 Q8 ]
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.- z' m5 M, L( U6 q% `
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Given the considerable uncertainty surrounding the outlook, any further reduction of monetary
2 ?/ n$ D! t8 Qstimulus would have to be weighed carefully against domestic and global economic
% Z8 @0 M) _) F: ?$ [% y- e, }6 `1 sdevelopments.$ z5 @ r' n4 A7 Z2 p
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Information note:
3 z9 G& T* H& Z2 BThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
( z. T4 S& i- i* Dof the Bank's outlook for the economy and inflation, including risks to the projection, will be
, O7 n, O0 o2 y" Q& upublished 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！