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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: S/ ~ [& n* g8 x
( r+ a4 a' ~# C% O$ Y+ nOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
' ?/ G$ k5 f: j7 ^" d' `rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly3 W/ }# _! T; T5 U
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal+ P) I/ q. a& Q
operating band of 50 basis points for the overnight rate.
4 \) S k0 h3 O( m+ d( Y
" w. J! a: o6 f. dThe global economic recovery is proceeding but is increasingly uneven across countries, with
. L8 P; s" f: [8 Ostrong momentum in emerging market economies, some consolidation of the recovery in the8 o/ N( G0 N$ Y" J* S* A* N
United States, Japan and other industrialized economies, and the possibility of renewed weakness
! }9 b1 n; J& J+ v& w) Tin Europe. The required rebalancing of global growth has not yet materialized.# i0 s+ i: s5 x3 p) H
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal* x% e% l$ X6 m1 S
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the9 _, u8 n t. d, h+ Y" V
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
! \ E4 o& n- E2 ?: {in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an" g- `0 p# G5 }+ @9 j0 j
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the! f: X# v/ G0 D( L: H
spillover into Canada from events in Europe has been limited to a modest fall in commodity* T4 z$ U$ ]6 Q# S! M4 ~8 b
prices and some tightening of financial conditions.2 i7 j% X: }7 w/ b, _
! d" G* a* ~2 \4 f
Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent4 `1 t" L5 W) y
in the first quarter, led by housing and consumer spending. Employment growth has resumed.. a- ~- }) e8 Q% t7 S" E! Y
Going forward, household spending is expected to decelerate to a pace more consistent with
* O3 ?5 h# s) H2 pincome growth. The anticipated pickup in business investment will be important for a more
0 A4 ~% b& \+ Ibalanced recovery." l$ p. _. b) _2 S7 J- e
! `& {2 T% \, E! a4 N& n3 _0 M) YCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects2 A0 G! v- ^+ X
the combined influences of strong domestic demand, slowing wage growth, and overall excess
6 {6 @& R G# J3 k2 e, R+ }supply.
1 ^' j3 x8 Y+ }" ]" Q% l2 y2 M! w/ i$ S- X$ @% F
In this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and
% ? y$ C; X4 @! l% Nto re-establish the normal functioning of the overnight market. This decision still leaves considerable
' q' b' N6 P7 E# g6 Jmonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
0 M( i( D& o. L% Z' c2 k8 xsignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.# D" R# H& _9 j8 Q7 D; o( {
' @, x. r; Z: A/ XGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary
4 o0 l* P% q( L9 Y6 @$ Z5 Istimulus would have to be weighed carefully against domestic and global economic/ ~9 U* g( |# A1 \$ I
developments.
: ]( F6 P2 j6 S, c1 j! Z7 @- _, z6 g, D# x
Information note:7 T' a' O0 V9 j, m$ K' ?; X- E+ M' p
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update9 g$ M+ Y8 h' R+ a
of the Bank's outlook for the economy and inflation, including risks to the projection, will be
% ~/ E; }: l5 @2 o/ I; vpublished 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！