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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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- I, p6 e6 `1 r O* POTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
& G& P- n2 i6 o" B4 P# z4 Nrate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
( k0 C8 b0 Z0 Y* Iraised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
4 d9 @: }+ c4 yoperating band of 50 basis points for the overnight rate.; K2 i! F% f F! \8 P. l( x% X& @( n
0 g$ o; \# v4 tThe global economic recovery is proceeding but is increasingly uneven across countries, with7 s$ E9 C+ {, n0 U
strong momentum in emerging market economies, some consolidation of the recovery in the0 P4 S2 @" N5 g, Z, I& L
United States, Japan and other industrialized economies, and the possibility of renewed weakness
- g, E' ~ x% V: Qin Europe. The required rebalancing of global growth has not yet materialized.
( o6 K% e! P/ o! uIn most advanced economies, the recovery remains heavily dependent on monetary and fiscal) K: Y& o3 I# @
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the2 z7 s5 s2 H3 ^2 c' g
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result9 u. J6 T% K2 P1 i; T
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an, d, T8 V5 a/ D" _. @- z7 B& ~
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
$ }# C, I1 q; Q8 w$ w0 ~. X2 Ispillover into Canada from events in Europe has been limited to a modest fall in commodity
$ q8 V, o: b! ^& j, V/ Z; I( \: eprices and some tightening of financial conditions.+ G1 i: k+ [1 k+ o
: R8 v9 F7 r. U" v: a( @Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
- u/ X$ O3 Z, P6 `. L1 pin the first quarter, led by housing and consumer spending. Employment growth has resumed.8 V4 O ^' a+ L$ l
Going forward, household spending is expected to decelerate to a pace more consistent with
( w( c. |4 V5 x; c4 l5 F' Wincome growth. The anticipated pickup in business investment will be important for a more
/ N, F. O) E& {$ s8 N+ Jbalanced recovery.
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
' P; `" H1 `3 v0 rthe combined influences of strong domestic demand, slowing wage growth, and overall excess) J8 T6 d! O3 k8 C- x K, ?: C
supply.
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) ^8 B1 A# e& Y; I5 ^In this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and
! @, h5 L9 x" L$ K! B+ S; c8 dto re-establish the normal functioning of the overnight market. This decision still leaves considerable
; ]9 W1 p* q# ~( ]1 K. |! H9 |monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the + ]5 G( C# [2 ~% \" @2 [) B' w
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.; P" _4 X- b! G+ \; V0 v) L6 r* P
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Given the considerable uncertainty surrounding the outlook, any further reduction of monetary
8 W) l! N7 f5 Pstimulus would have to be weighed carefully against domestic and global economic0 S' u) H* U- Y& d9 S" z/ ?
developments.
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9 o) q" s1 h' T: a$ P! |* i" CInformation note:
e, R4 j$ ^; }. y6 i* s6 HThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
/ z8 }1 ^7 z; q( k" `. Lof the Bank's outlook for the economy and inflation, including risks to the projection, will be
7 R+ T6 q0 Q9 c$ ]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！