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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' G8 |+ o- k# Q& x0 d
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OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
8 G0 ~+ U4 R; W1 d: A+ g; hrate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
6 K2 M) U5 }! E7 V8 Iraised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal0 S3 ?) @" a1 m# g/ a
operating band of 50 basis points for the overnight rate.: B! C V L+ ^5 H
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The global economic recovery is proceeding but is increasingly uneven across countries, with9 @6 u8 W9 O& K# P" n
strong momentum in emerging market economies, some consolidation of the recovery in the- e" _+ E- G- A* X) a. z
United States, Japan and other industrialized economies, and the possibility of renewed weakness
% @+ {, w' G. ?. K3 Min Europe. The required rebalancing of global growth has not yet materialized.
. L" y. E2 {0 L1 m6 K2 }6 OIn most advanced economies, the recovery remains heavily dependent on monetary and fiscal- i. p. G0 L3 d$ a
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the8 K/ ` m$ u5 p' s" \4 D% r
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result1 z6 [# |: e5 {- D3 X" N% @0 a* v8 @: }
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an! Y8 d7 V4 A: E$ S- X
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the! b0 {: W% R( g9 {+ R! k
spillover into Canada from events in Europe has been limited to a modest fall in commodity
7 m# T9 o( f9 {3 [$ d9 [; ~1 d3 R* aprices and some tightening of financial conditions.; p: R6 C+ {. U% s$ a! S' `* _8 z8 y
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Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent: E6 k- M! e$ D3 E6 c
in the first quarter, led by housing and consumer spending. Employment growth has resumed.
/ e: S8 f& b' }1 h9 o9 OGoing forward, household spending is expected to decelerate to a pace more consistent with D$ ~2 z+ E1 s" O# v8 \$ c6 d7 I" J
income growth. The anticipated pickup in business investment will be important for a more
& b7 e. I; W( ?; H7 n$ B* ~ @balanced recovery.
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% X- D* v' v1 P- @. oCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects# O3 U% v, g5 P; b4 f4 d
the combined influences of strong domestic demand, slowing wage growth, and overall excess# i9 G( u# `- V; f
supply.+ {5 x2 f# i, F( x v0 R8 g& i
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In this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and6 p4 x# f. q Q9 U
to re-establish the normal functioning of the overnight market. This decision still leaves considerable
4 ^2 R+ l( ~: {# ]3 b# y# O7 hmonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
) D, k7 `- r, Z4 U2 Usignificant 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
2 F/ W. ]6 w( _1 Xstimulus would have to be weighed carefully against domestic and global economic
9 |4 Q) p0 ? O/ h/ [4 E. edevelopments.7 b2 d7 \" ^) o4 Y8 [
/ Q+ G* K) C' ~: z- g7 J8 e0 PInformation note:
; B: i$ t5 u& r& pThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
- S! S# |# V* G) f0 X6 yof the Bank's outlook for the economy and inflation, including risks to the projection, will be+ K, ?. c+ n+ P! p3 h
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！