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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. r2 B+ R$ G) `2 d W! F
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OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
( m+ x( M& k3 D E1 }7 Zrate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly) V3 E, e& }& z: _5 ?
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal, f! s- X. n1 M( ]8 F: P
operating band of 50 basis points for the overnight rate.
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& T1 O! B5 P) U8 nThe global economic recovery is proceeding but is increasingly uneven across countries, with4 H" n) t7 o+ E
strong momentum in emerging market economies, some consolidation of the recovery in the0 F" K* q. i% [1 ?$ p |
United States, Japan and other industrialized economies, and the possibility of renewed weakness
' D" U1 `1 Y: d; U# z) Win Europe. The required rebalancing of global growth has not yet materialized.
+ N) C; c8 v6 W, X) SIn most advanced economies, the recovery remains heavily dependent on monetary and fiscal
1 c# |0 o( G. ]0 V* j A$ I5 E5 Fstimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the, v0 b- q2 @" s% @( e0 e" p& C
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result9 [/ D$ w; _. B; D
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
+ |: r0 _. X+ }( N7 Bimportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
' i/ Z0 L% a! N" h& F* y7 _spillover into Canada from events in Europe has been limited to a modest fall in commodity4 z( @6 d& h3 L) i. N
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
* {" x; t% l" W. Jin the first quarter, led by housing and consumer spending. Employment growth has resumed.
. o" G: E: ]9 W+ sGoing forward, household spending is expected to decelerate to a pace more consistent with
# ^5 O+ r( ]1 ~! `" F/ c" Nincome growth. The anticipated pickup in business investment will be important for a more
8 E3 e2 b2 x( Z/ y% S/ ybalanced recovery.# M/ l% {! g! f# n
! C$ ? V0 [2 g% V& h4 fCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects) V* w; r, S* ]& f# \3 Q0 ]
the combined influences of strong domestic demand, slowing wage growth, and overall excess
% {0 O6 x9 M1 m2 z% I1 {; n& vsupply. a7 V$ K' W+ K/ {( N, A% m! ` L- {
4 A8 a6 L$ J9 Z O! WIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and- c, @! P5 A7 C8 A
to re-establish the normal functioning of the overnight market. This decision still leaves considerable ( Y* p2 C5 ]) a! H6 i
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
* ~9 t$ |$ ^/ }significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.; ~" v% b, c2 z" }' `6 I3 V
2 F# b: R) ]8 B8 w2 oGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary9 W0 l, ~/ W$ C
stimulus would have to be weighed carefully against domestic and global economic
3 Y* r4 s6 {/ ]5 a; d9 O! gdevelopments.
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Information note:
% ^: I* @3 [" o6 V. TThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update/ K+ E6 ]* S% @4 _+ g* M
of the Bank's outlook for the economy and inflation, including risks to the projection, will be* I1 z( a4 J# ~- x3 X: [" s
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！