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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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2 {- s0 W. S) B8 EOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight4 z+ d" p) J0 R
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly2 I }6 @- o0 w5 o
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
7 S H( W' U! V1 k- m) l! A2 v; D" \operating band of 50 basis points for the overnight rate.
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0 s) {! m1 d2 l2 @The global economic recovery is proceeding but is increasingly uneven across countries, with2 B7 }: D5 f: `2 g* v
strong momentum in emerging market economies, some consolidation of the recovery in the
# o: F" U3 N* x$ W# E) N0 C/ XUnited States, Japan and other industrialized economies, and the possibility of renewed weakness& @, E, }. ^/ y/ v) `$ _+ o
in Europe. The required rebalancing of global growth has not yet materialized.: P( U! _+ H( t/ r; N' l' O' r
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal8 X& k/ J1 q! b, p8 t* o( G
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the8 R) L4 W4 f: q' |/ [; Y! y. a4 R
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
& l( R& F c1 ~in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
% x( m' I) q7 N" N8 q) `7 Bimportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the/ W o* A) y6 Y
spillover into Canada from events in Europe has been limited to a modest fall in commodity
{, V* |; T0 J; e) }! R9 oprices and some tightening of financial conditions.) p" `* F( ?$ A$ j
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Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent1 s0 x+ o9 n( B; [2 |
in the first quarter, led by housing and consumer spending. Employment growth has resumed.$ A* D8 Y- {/ }0 `+ S8 X
Going forward, household spending is expected to decelerate to a pace more consistent with- I; g( V% }! h( ]+ D; s
income growth. The anticipated pickup in business investment will be important for a more
7 j1 m+ y( b* R) P& ~; i- r- Ebalanced recovery.4 s" {- @$ ?6 M
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects% z( h& P7 f$ `# E% a' k* H
the combined influences of strong domestic demand, slowing wage growth, and overall excess! U8 G. M2 `, }# r9 Q6 n- O
supply.
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- p, q' T" {: d: _" z9 n* aIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and; @- S) `) S. H* j: `
to re-establish the normal functioning of the overnight market. This decision still leaves considerable
( p" D7 j, l( |* c8 G0 _monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
% l: N" A( {) g, Y) _2 L: zsignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
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5 N8 }# h/ L: Y# [& e! vGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary
: r* i6 Z& O* \, u$ U8 P) Ystimulus would have to be weighed carefully against domestic and global economic
( I$ X. ?3 q; G; pdevelopments.
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- B5 Z8 L! P" ^3 ?) c cInformation note:$ o1 t+ @# r5 ~! ^4 A; x+ H
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update, V- X* G" U' [0 F) i
of the Bank's outlook for the economy and inflation, including risks to the projection, will be ^, r; }% ~& _# o3 U' K8 g* M
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！