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Bank of Canada increases overnight rate target to 1/2 per cent and re-establishes normal functioning of the overnight market1 F. {% L8 t+ \1 N( }& T8 N) { J
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OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
" C* \& E' Q' V5 E' D5 Srate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
5 d( J, l$ }4 _3 a1 P) F9 `raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal+ X4 r1 ^: e8 N' e4 S
operating band of 50 basis points for the overnight rate., i+ J5 u- B2 H+ G, X% h/ u
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The global economic recovery is proceeding but is increasingly uneven across countries, with
; H. s- E ]7 z0 Jstrong momentum in emerging market economies, some consolidation of the recovery in the+ P; @5 W" R7 m% F$ g
United States, Japan and other industrialized economies, and the possibility of renewed weakness4 Z7 N4 g* r* E" a" {- @7 o
in Europe. The required rebalancing of global growth has not yet materialized.8 v" l ~% s4 Y z! T. M
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal( K- c0 d) q7 k0 b4 ^
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the2 ~. W9 `* N1 Q# W$ D
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result; [9 J0 i2 R" ^6 y8 \# \3 |
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
7 f' j$ c7 Q, W/ A- V, z! @3 ? kimportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
$ z9 ]; c$ A* Q: p! e" D9 h9 D/ U, Sspillover into Canada from events in Europe has been limited to a modest fall in commodity, R% \) ~8 H1 [, Y; K
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
" Y: i6 H2 k, g3 _in the first quarter, led by housing and consumer spending. Employment growth has resumed.
7 X( h/ W, ?& D& xGoing forward, household spending is expected to decelerate to a pace more consistent with
" X# ]0 b/ c% M- eincome growth. The anticipated pickup in business investment will be important for a more
. _, ?5 W" }" M4 c, }5 ]/ R" n' \balanced recovery.
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! l4 F' @- d8 J p8 GCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects( [. {$ ^$ _( R7 j5 Z
the combined influences of strong domestic demand, slowing wage growth, and overall excess# @$ J4 c0 l9 N: U! t
supply.8 k" h- Z; Y- m" x. n/ q+ t v& r; y
" U w' F3 X* K4 [7 _5 cIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and
6 @1 `& O2 {( L f5 n. z3 jto re-establish the normal functioning of the overnight market. This decision still leaves considerable ( t* U+ I5 p: k. a% p2 }
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the 3 N: S; s1 j. u7 ^: E
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
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G4 n: q/ M" J6 R* YGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary/ _: A8 E s( k8 q! p) q
stimulus would have to be weighed carefully against domestic and global economic
# C) G$ g, ?0 ^* a/ w/ A) sdevelopments.0 _; H$ I; z, j( N" Z9 b
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Information note:6 B2 |! q! j0 L# N3 n
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
- |3 y! x4 X& U0 ]+ ~1 f0 N) \of the Bank's outlook for the economy and inflation, including risks to the projection, will be2 P% S. S7 E0 s& d! {' X% I& U
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！