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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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5 i7 W. a# b( G5 v0 a8 _OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
8 N, [4 Q( t$ B9 V. C2 x" L0 T: @' f3 krate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly d& s; K1 c" r: M
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
8 s: w- V! J& K: uoperating band of 50 basis points for the overnight rate.9 i0 H- X ~" ?, g4 d3 A7 x1 E
5 T9 Q1 d) c& e) f. ?1 bThe global economic recovery is proceeding but is increasingly uneven across countries, with
* `0 J: f0 Z* jstrong momentum in emerging market economies, some consolidation of the recovery in the
j" I/ B3 D4 j X3 ~7 [' i1 F; WUnited States, Japan and other industrialized economies, and the possibility of renewed weakness) f+ Y! }) B# {* f- j* J
in Europe. The required rebalancing of global growth has not yet materialized.
) W1 L% j- c& C: s+ x: XIn most advanced economies, the recovery remains heavily dependent on monetary and fiscal
. I% Z" o f8 q: h& Istimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the9 N2 ^0 \+ \4 X) u7 R
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result0 R* ^0 Z2 G& R/ B/ t
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an1 Y& P! m5 f3 _7 n8 A
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
9 j$ j7 V" f. s, Bspillover into Canada from events in Europe has been limited to a modest fall in commodity/ g( @9 f7 L2 {: \ }
prices and some tightening of financial conditions./ L0 l6 {5 O9 F1 l' Q$ y# U7 D
% |& i& e! d5 V6 J# {Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent8 Z0 H& }, O! Q7 j. m
in the first quarter, led by housing and consumer spending. Employment growth has resumed.+ t% J; ^. W9 @/ n8 V L* b
Going forward, household spending is expected to decelerate to a pace more consistent with* Q7 O6 N4 K' C8 r; Z
income growth. The anticipated pickup in business investment will be important for a more, n+ ?7 z1 \" u% F
balanced recovery.
: W9 N4 K( q4 p- n9 i7 _: \- o% ?, i. I' h B
CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects- ^8 L1 \; A/ r/ | {4 w
the combined influences of strong domestic demand, slowing wage growth, and overall excess
% w! J' Q2 R- |0 I$ {supply.
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! ?5 }% V/ e: cIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and
3 r. U# R l9 s/ O1 E Qto re-establish the normal functioning of the overnight market. This decision still leaves considerable
W h, B1 n6 `1 J% x) p& Jmonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
9 l$ x( E# j; g% S0 Usignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.1 r/ s6 u6 k3 W; t; k
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Given the considerable uncertainty surrounding the outlook, any further reduction of monetary
: {& \: j$ v2 Bstimulus would have to be weighed carefully against domestic and global economic
1 L, b' x g( e* {developments.1 e. k! n( C) i8 z
; @. Y' K- m$ B- U0 XInformation note:* K @. E; R0 P3 k
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update9 V7 n+ E9 W% W* Y4 X3 V& h2 C
of the Bank's outlook for the economy and inflation, including risks to the projection, will be9 |+ ^; X% j+ }9 [ D n3 Q* g
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！
