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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/ K1 ?2 g2 s! f0 |) [
/ t, z5 A1 ~9 m, IOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight4 M5 {$ b4 j5 V
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
' V0 ?! \# y1 A5 Zraised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal1 `, B! v. u1 T
operating band of 50 basis points for the overnight rate.. [) \# p; v0 n+ J% _
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The global economic recovery is proceeding but is increasingly uneven across countries, with: S; J& K9 z6 {7 [4 x0 B) N
strong momentum in emerging market economies, some consolidation of the recovery in the
1 v" M) B$ B0 e VUnited States, Japan and other industrialized economies, and the possibility of renewed weakness- i* J- \1 ?+ {' y$ w8 \6 M
in Europe. The required rebalancing of global growth has not yet materialized.
# d+ C+ A* b# j' n- P7 E) l7 ]* oIn most advanced economies, the recovery remains heavily dependent on monetary and fiscal3 o v3 {1 x" L6 U2 G
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the+ R1 s1 X; {2 h" Z$ y
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
/ ~2 J* b; B B+ D# B& sin higher borrowing costs and more rapid tightening of fiscal policy in some countries - an# L. {4 B0 o- x. ?9 Z% o
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
& _2 j( O! o1 T. H) Z' @( ^spillover into Canada from events in Europe has been limited to a modest fall in commodity0 [. a8 c/ O+ F
prices and some tightening of financial conditions., w6 e/ A/ _& a, ^/ f2 Q' M
& B4 B3 g' l/ `. ^2 PActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
. l1 ` ~+ |% a C3 N+ R; R$ zin the first quarter, led by housing and consumer spending. Employment growth has resumed.2 U: J. ]. L, |
Going forward, household spending is expected to decelerate to a pace more consistent with
; v! y+ F( L% Wincome growth. The anticipated pickup in business investment will be important for a more
$ {) i5 H# f# k( [: kbalanced recovery.
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects6 \2 Y% c5 _' G1 K
the combined influences of strong domestic demand, slowing wage growth, and overall excess
6 t1 ^, A2 B( `2 \" L, Jsupply.
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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
. O$ t' w0 U( C! U& @to re-establish the normal functioning of the overnight market. This decision still leaves considerable
. e1 ^) n2 t& ~2 Xmonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
" F8 e# Q7 h6 g& a' E9 x& k/ csignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
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, j. V. r3 L9 c: U) b& B" rGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary, B# }( a9 r: R
stimulus would have to be weighed carefully against domestic and global economic
0 S1 }& f" d$ j* E# R7 o- ?developments.. T" `6 c' H' I" h: B9 q# U6 C7 U
0 z* e9 t3 _) JInformation note:/ r4 j/ k4 j6 E. R+ G
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
- F9 C' y' Q1 v, O$ g% z8 [of the Bank's outlook for the economy and inflation, including risks to the projection, will be
( c+ R% j1 b# d0 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！