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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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: k, N2 T+ i5 ?) U: l" ]# A$ j7 iOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
* {2 U% X e4 g+ @2 Hrate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
8 P U$ k s' g( G+ lraised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal) i0 P# k" [$ w4 z9 Q
operating 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, with9 \2 {" |8 V+ B4 J" p- x2 U0 q
strong momentum in emerging market economies, some consolidation of the recovery in the
- N9 T- w5 F" X) iUnited States, Japan and other industrialized economies, and the possibility of renewed weakness
1 @! E: m. H( \/ q) M9 H5 gin Europe. The required rebalancing of global growth has not yet materialized., S3 f" t0 R+ o5 g7 P4 P/ f' Q! m/ P* |
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal- [. u' d4 L3 }/ N
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
) l# V( A. L X7 Z" p" c& Zvariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result& j: ~7 k% n3 C/ b' {7 I- [; I( N
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
# o/ ~! [" ~2 b9 C9 _- Q! Zimportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
8 @3 h, ^, ~8 w ^2 e/ Uspillover into Canada from events in Europe has been limited to a modest fall in commodity0 x+ h P+ V5 n% p) ]. ]
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 cent0 P1 n( M& ~3 ~3 q
in the first quarter, led by housing and consumer spending. Employment growth has resumed.- v5 u3 z: J) w% u1 ?/ v+ e Z
Going forward, household spending is expected to decelerate to a pace more consistent with& [& b- n0 K5 t) |
income growth. The anticipated pickup in business investment will be important for a more
M) F" n" |: P4 dbalanced recovery./ T* s. Z/ Z) ]6 w7 E1 {
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects- m/ y2 F% }4 b, b
the combined influences of strong domestic demand, slowing wage growth, and overall excess& ^( p% o& ]: }" B# X
supply.
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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( |& f' L+ d) u3 X q- B
to re-establish the normal functioning of the overnight market. This decision still leaves considerable ! I+ t- Z' v) u! o: B. N0 S
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the - u. H9 V; w; Q( s% h+ |- R
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
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0 g' T O( Y" L- B. J1 H0 aGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary0 t3 Y7 _/ m$ @1 m$ \
stimulus would have to be weighed carefully against domestic and global economic
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4 S- J/ E) M+ e4 }& YInformation note:
1 F( q0 k5 j7 h1 P9 R' g! v5 q+ Y+ ZThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
9 ?/ y/ l( C, W$ p' i% Fof the Bank's outlook for the economy and inflation, including risks to the projection, will be
# |7 @5 ~7 q! M7 M$ S, S8 Z7 h% Jpublished 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！