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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; \& `+ z, C7 |
6 [: J1 {, T8 |5 }- ?- WOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
# r* u3 [6 X5 E/ S2 c/ }+ Frate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
: o( v0 R, M s3 y& g- H( l* x! qraised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
. C) q" d8 p/ I0 Joperating band of 50 basis points for the overnight rate.3 b) s6 q# D& r/ n% b
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The global economic recovery is proceeding but is increasingly uneven across countries, with
2 R6 l5 R/ k, g7 ostrong momentum in emerging market economies, some consolidation of the recovery in the2 r: e& s$ | Q. y, r+ x. v* X9 ^3 b
United States, Japan and other industrialized economies, and the possibility of renewed weakness/ W/ k# w7 P& E4 h" [' T
in Europe. The required rebalancing of global growth has not yet materialized.
* v- e6 c" l _) q; k5 P" aIn most advanced economies, the recovery remains heavily dependent on monetary and fiscal
4 p9 d$ V! _5 astimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
" `% N; r+ [9 C! v* G& v6 nvariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result7 u. n$ d: P: u7 G3 z% j0 E
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
, G! w" t. g$ f( M+ @: {important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the4 j" C( P) l" i/ ?2 n% C$ c$ Y
spillover into Canada from events in Europe has been limited to a modest fall in commodity1 n: ^7 Q# B, `4 O8 j0 k& O
prices and some tightening of financial conditions.
3 K( J1 O" I: L2 w
+ o5 O5 P' a4 c. e" q& s3 i, u4 a1 ]Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent8 g: N8 m# f" b; N& ]8 h1 J. l
in the first quarter, led by housing and consumer spending. Employment growth has resumed.
/ D+ b. H2 T: l. s+ HGoing forward, household spending is expected to decelerate to a pace more consistent with! W# o) [9 U' D) V- ~: U" i8 Z
income growth. The anticipated pickup in business investment will be important for a more
' R$ `" ^" B: D8 B( m, n# Nbalanced recovery.; B/ R* g+ X) r
* v* N1 F" y! d7 t% G0 HCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
4 s7 @2 @) O( M5 d/ pthe combined influences of strong domestic demand, slowing wage growth, and overall excess' l' ^9 \' L a$ H* F' @: u8 a( f, B5 {
supply.
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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 Y2 f! ^& L" _9 X( P! Z
to re-establish the normal functioning of the overnight market. This decision still leaves considerable ' g; }" J [7 ~" b( H6 K
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the ' J. Y3 ^4 s0 G' o6 I1 t" P0 ~
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
' I9 t& t" G' [5 H5 @+ [
; h+ [- r, J( j Y6 F: P& |: |Given the considerable uncertainty surrounding the outlook, any further reduction of monetary; p/ e, i; i W+ L N- b# ~
stimulus would have to be weighed carefully against domestic and global economic0 \! G; V' p4 ]$ m9 ^ n
developments.
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0 J: g* C G' {3 dInformation note:, o, g. P; [# q* c) o1 S
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
, s, G8 M' m6 s, ]4 x9 vof the Bank's outlook for the economy and inflation, including risks to the projection, will be
3 e1 z* h. c0 ^* 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！