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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: h1 C6 }% S1 R, p) [
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OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight, J( A& x4 j# ], s0 v! F2 U
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
' b1 [# w& D' e6 B& G) jraised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
C+ G, \1 ~ w8 _( f3 h; N: ioperating band of 50 basis points for the overnight rate.
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3 i8 t2 a" x0 T" O6 o ?0 k kThe global economic recovery is proceeding but is increasingly uneven across countries, with3 r9 x) k L; X1 I+ g( k
strong momentum in emerging market economies, some consolidation of the recovery in the
0 ?/ m0 K# g2 M7 Q, N5 l$ ~United States, Japan and other industrialized economies, and the possibility of renewed weakness
+ Q: g! _/ V+ Q% Q/ H' uin Europe. The required rebalancing of global growth has not yet materialized.
- z6 D2 X4 m4 a. d8 qIn most advanced economies, the recovery remains heavily dependent on monetary and fiscal
9 F4 y4 P$ D1 u! g, astimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
! G9 L8 W; m, _9 Bvariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result# U1 k5 U; ?$ [- V
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
" j+ ]2 G8 E6 l, Vimportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the0 @5 k c' E4 X: x, `: K: N
spillover into Canada from events in Europe has been limited to a modest fall in commodity( Q f* E: m) z5 {
prices 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
8 }9 Q+ [! o Z4 Yin the first quarter, led by housing and consumer spending. Employment growth has resumed.8 u m/ Z# G! O2 t
Going forward, household spending is expected to decelerate to a pace more consistent with
8 P. w1 g! p6 Q1 h, Bincome growth. The anticipated pickup in business investment will be important for a more1 p2 @% s) M1 g& ?$ q; Y
balanced recovery.7 @6 @1 M5 s. Z. N
% Z$ D1 E0 W1 ~' ~% vCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects6 B5 s; r( T+ x5 n! X4 O6 a
the combined influences of strong domestic demand, slowing wage growth, and overall excess5 z9 Q; x" a4 J2 p0 T% x
supply.6 o, |8 q9 l1 _/ O
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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" x# n+ i" p1 ?) z7 P
to re-establish the normal functioning of the overnight market. This decision still leaves considerable & Y* Y6 m6 q9 s. |, F
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
1 g$ d2 p3 H, O: N5 j3 ssignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
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S, S! R: d: F, |7 tGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary
0 G" ]; l+ m2 O( ?' A" M) D$ T; s4 {stimulus would have to be weighed carefully against domestic and global economic" v$ y+ Z9 `( X! Y* |0 Y1 _0 p2 z
developments.
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Information note:" ^ }1 Q, \ Q7 n) G+ U/ M
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update! N+ g" ?0 I) j8 T% O
of the Bank's outlook for the economy and inflation, including risks to the projection, will be) C r' Z5 f. O2 ]: b. T
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！