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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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OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight- e- `& D8 O$ @6 Y: S# C1 f/ _
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly* n& `. }! p) c
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
) b, w: F6 Y% X+ V* U4 Q; Yoperating band of 50 basis points for the overnight rate.- O) Z% P3 V$ _3 Y8 y' m' ~
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The global economic recovery is proceeding but is increasingly uneven across countries, with
/ x8 W6 e/ j! D, K6 S% L' mstrong momentum in emerging market economies, some consolidation of the recovery in the. q, m$ S( ], d5 _* ]0 [
United States, Japan and other industrialized economies, and the possibility of renewed weakness5 E9 }" O+ [' o3 _" m9 b( k
in Europe. The required rebalancing of global growth has not yet materialized.
. B. k! G$ }% r$ u- W( cIn most advanced economies, the recovery remains heavily dependent on monetary and fiscal
2 x3 e {( f! W6 }3 p* sstimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
; E- u8 U& @1 d! Z5 Bvariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result9 ~2 _5 f! ?- j r' s0 Y8 y
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
' P; b- X) T0 D1 himportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
' K) F( Q2 |5 |3 d+ J6 Vspillover into Canada from events in Europe has been limited to a modest fall in commodity# j4 C# F- j& V2 @4 _
prices and some tightening of financial conditions.+ C4 c" B2 N9 Y7 c
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Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
( v$ o. C8 }# m I( B5 c1 j- t2 L6 ein the first quarter, led by housing and consumer spending. Employment growth has resumed.
( |2 h' U1 S4 w* |8 E2 AGoing forward, household spending is expected to decelerate to a pace more consistent with
+ w5 V. U# s8 {+ v" Dincome growth. The anticipated pickup in business investment will be important for a more
, Z5 F; _5 p. l7 z8 k+ u# Bbalanced recovery.! v4 T! L/ T5 K& f7 [* g
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
" g5 x6 V F# n/ a, Ithe combined influences of strong domestic demand, slowing wage growth, and overall excess, S) j/ }( W3 M2 C$ L" @% o
supply./ V( }4 t4 j0 d! t! I: x# e' K$ V
8 x0 {! E3 f' N4 d% uIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and
9 x9 g o6 F$ w7 h/ fto re-establish the normal functioning of the overnight market. This decision still leaves considerable % ?0 T5 w/ \+ U
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
Q1 A- n' }) isignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.3 H+ }' W; S0 k
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Given the considerable uncertainty surrounding the outlook, any further reduction of monetary, \7 k p/ C: `+ U6 f% ]
stimulus would have to be weighed carefully against domestic and global economic2 b0 x; V) f9 M
developments.. g/ k# a' U' z+ A" M
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Information note:9 N f' c) I) `5 G v8 S2 r# T
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
0 O' N6 h* `4 e! Iof the Bank's outlook for the economy and inflation, including risks to the projection, will be& b+ i2 N9 S m
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！