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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
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OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight) ^0 c+ l; y. o2 B, l5 }0 F$ ]+ {
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly& U2 ~" N8 s, L/ c/ b$ `8 Z
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
2 x/ p9 A n3 l& t) Uoperating band of 50 basis points for the overnight rate.
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, j( J! ` u; \& B$ uThe global economic recovery is proceeding but is increasingly uneven across countries, with
9 T S0 ?2 `* z r& estrong momentum in emerging market economies, some consolidation of the recovery in the- `$ J. h4 L+ D3 R( F# P$ u' Y
United States, Japan and other industrialized economies, and the possibility of renewed weakness
& Q+ i2 ?& S5 G$ Y* I. Q j5 C2 h+ b/ kin Europe. The required rebalancing of global growth has not yet materialized.! J8 @7 B) J \3 ]! k
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal" {; h. |3 u0 S/ J9 ?+ X" U
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
+ Y. J; }7 I& @# M$ gvariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result/ f+ v6 M3 o- [9 [" M
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an# [- V6 T* S6 Z( j: h
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the- g9 z: V4 b" O; V z+ e
spillover into Canada from events in Europe has been limited to a modest fall in commodity7 e. ^/ v, C# ?" Z1 u) Q
prices and some tightening of financial conditions.+ O& B9 X+ p- ?
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Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent3 v" R; Y7 D F/ v/ ~
in the first quarter, led by housing and consumer spending. Employment growth has resumed.
9 [/ x0 r' Y2 e& H: ]Going forward, household spending is expected to decelerate to a pace more consistent with+ S6 B1 i) E* {; }* j
income growth. The anticipated pickup in business investment will be important for a more( m: G% H: b! x4 i- F3 n+ f
balanced recovery.% X; `. [- I1 o, U* @! B
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
# Z ~4 y' J8 Q+ tthe combined influences of strong domestic demand, slowing wage growth, and overall excess( Q; C9 }$ `1 d1 D5 Z1 X' @
supply.; K H" ^3 l/ x
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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 ?+ q0 d+ Y" I2 Q% o1 H
to re-establish the normal functioning of the overnight market. This decision still leaves considerable
$ \1 C- @* _% D$ l2 [" ^8 Jmonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the 5 j" E# V6 p' e# Z) v( t7 P
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
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7 n A4 j: g& X H0 p6 HGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary/ ], R! v! i2 j. z0 _& q" P
stimulus would have to be weighed carefully against domestic and global economic
8 b. L" P$ k9 Ldevelopments.* P1 S x0 p; j" ^1 ^
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Information note:& ^& `, V0 p0 ]4 V* \4 s: _
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update( ]4 Z' ^7 _7 y/ S. c& ~$ U
of the Bank's outlook for the economy and inflation, including risks to the projection, will be
8 a' I6 M5 S& f- n; y& N/ Qpublished 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！