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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 ^4 y, T; v- l) P4 s
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OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight# a$ }7 d. L# K% | b* F! P1 y
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly( G" K! R8 L: K+ j |
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal+ x) K# ~( O% ]6 z. V1 s/ _0 z
operating band of 50 basis points for the overnight rate.( I2 A1 M r) Q9 B7 E8 D
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The global economic recovery is proceeding but is increasingly uneven across countries, with
4 e" V6 m" ?" L( A( x6 S9 Pstrong momentum in emerging market economies, some consolidation of the recovery in the
2 g c6 D- A: J8 g, u0 LUnited States, Japan and other industrialized economies, and the possibility of renewed weakness
) `) C% [7 E9 H9 e. Z- Xin Europe. The required rebalancing of global growth has not yet materialized.
" Y/ N. B, v' [ P" ~In most advanced economies, the recovery remains heavily dependent on monetary and fiscal
8 A5 n+ n" Q1 r4 j) Jstimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
0 L* |. L4 c$ L+ z$ Y/ U0 jvariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result: i0 @7 O0 {$ {6 e4 M# v
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
$ [7 w% h- P& W5 a% B5 i0 _3 c! J, Jimportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the* O: R& B7 C, |: N
spillover into Canada from events in Europe has been limited to a modest fall in commodity
/ |) `6 H3 G+ t- s0 t5 A Uprices and some tightening of financial conditions.* S% o& T/ b( M4 P$ r
/ V+ l+ D( i* TActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
; l- ?% m9 G ain the first quarter, led by housing and consumer spending. Employment growth has resumed.6 Y) j. ~0 [: k. B& K% L Z
Going forward, household spending is expected to decelerate to a pace more consistent with2 R. v) z- a9 e5 n. w) l" ]9 [
income growth. The anticipated pickup in business investment will be important for a more
; C: _$ W( @* `( Gbalanced recovery.% g3 P5 y7 c- r
, o8 S; y1 \0 ?$ G+ `' qCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects$ n* X; I. m6 r& v% E2 U
the combined influences of strong domestic demand, slowing wage growth, and overall excess
i& P! _! h) |5 Nsupply.
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, G" Z# ~0 t% k/ A6 p) V. zIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and* b, s6 w4 o/ C* {
to re-establish the normal functioning of the overnight market. This decision still leaves considerable % P& u1 ~. C6 @, B; _- W" Y5 `
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
& X" x6 ~- ` ksignificant 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. L3 ]9 {$ \/ E, J% E; p v$ w
stimulus would have to be weighed carefully against domestic and global economic
4 U% g& {% X7 W6 Y G' Idevelopments.
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Information note:/ a( z& s5 _' F0 S1 i6 \6 j2 l
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
, ]$ l# P* _1 k* C+ w8 f2 l8 ?of the Bank's outlook for the economy and inflation, including risks to the projection, will be2 B! \2 V8 P' D; f
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！