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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 overnight5 y7 U% L5 b; a2 l G
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
3 K3 y! C3 ]+ A* g1 graised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal6 s. n" g2 W2 k$ L8 @
operating band of 50 basis points for the overnight rate.
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The global economic recovery is proceeding but is increasingly uneven across countries, with$ [+ C/ y: c) ? `$ j
strong momentum in emerging market economies, some consolidation of the recovery in the- f* x9 Y8 Q- r0 {+ Z( |$ i
United States, Japan and other industrialized economies, and the possibility of renewed weakness
6 j1 H$ f$ N& f, v; a; C$ ]- yin Europe. The required rebalancing of global growth has not yet materialized.
( M* R- Z; h- n3 q2 lIn most advanced economies, the recovery remains heavily dependent on monetary and fiscal
+ T7 c* ~0 }9 n. pstimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the: n, m' X4 D7 I5 d$ @* P/ U
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
+ f7 u+ E d: R5 ^, n. Y) i7 gin higher borrowing costs and more rapid tightening of fiscal policy in some countries - an6 B2 I! q' S! p U4 B3 E" U
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the% _/ W' k2 R% ]- t% o A8 Q
spillover into Canada from events in Europe has been limited to a modest fall in commodity
5 f V* ?0 {. G# E/ [, jprices and some tightening of financial conditions.
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; n6 Z8 H# c# ^2 p9 ^1 x9 jActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
) \# ?: h+ |8 ein the first quarter, led by housing and consumer spending. Employment growth has resumed.' s) P \0 A0 O% K$ z3 }$ a5 Q
Going forward, household spending is expected to decelerate to a pace more consistent with/ q" X; R& p% q$ P6 t: @4 X7 m1 M/ O
income growth. The anticipated pickup in business investment will be important for a more6 g! D R4 c' q4 _4 m" b) [ o6 K
balanced recovery.# s0 p# V$ x6 O( o$ D
( S7 e0 _8 Y" U8 x! I( fCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects6 ]% y* L; J1 K L9 D9 i
the combined influences of strong domestic demand, slowing wage growth, and overall excess
, }, L8 h0 s' z# o3 s( Qsupply.' v: v. n& N* O! X! W
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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
4 \0 b4 N0 U+ e% ~6 H* E! _to re-establish the normal functioning of the overnight market. This decision still leaves considerable
8 h$ e/ b4 |! X v& imonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
9 E: l5 v6 m5 h9 H5 G B! ~* {significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
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M7 ^- F0 ~; MGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary
- O# o6 y- T/ d; u0 kstimulus would have to be weighed carefully against domestic and global economic
, K0 C( X0 R) P9 g5 @! o9 Wdevelopments.: o8 n0 P# a. i+ |
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Information note:
/ h9 k! x' n G0 ZThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update6 s# r4 [" }! D/ y8 I7 }
of the Bank's outlook for the economy and inflation, including risks to the projection, will be
+ j7 T" T+ e( Q6 Fpublished 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！