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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 overnight2 |1 v( _6 R4 B1 g* T; X& q, _
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
/ B t: R: m& Q3 U( S" P) _raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
. ~; u& x8 L! [operating band of 50 basis points for the overnight rate.
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- U7 ]1 Y3 q D4 U1 ]3 o RThe global economic recovery is proceeding but is increasingly uneven across countries, with8 y0 H6 V! `1 ?: b) s/ ]& G
strong momentum in emerging market economies, some consolidation of the recovery in the
$ W2 ^) I* a& J% C- GUnited States, Japan and other industrialized economies, and the possibility of renewed weakness
, V+ h; ^/ `' r6 h3 w0 O, Kin Europe. The required rebalancing of global growth has not yet materialized.) X% s0 S1 h% }: j3 |0 S7 s
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal
+ c& q! w0 o6 y; @ b) [stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
; V8 S) E* _6 e. n- M. c4 _variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result4 p- ]% q7 V H0 E* H
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
$ d' k4 A- y7 W( y2 fimportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the# T$ v3 O- Z p, Y) m- K/ m
spillover into Canada from events in Europe has been limited to a modest fall in commodity
: W5 L' g5 [# W, y( |prices and some tightening of financial conditions. b) g U ^5 e. I* w) J7 W
7 S& C8 C# ]4 s. M/ o+ W1 aActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent* D% |0 P) j# [/ v7 b
in the first quarter, led by housing and consumer spending. Employment growth has resumed.
2 i; R2 C8 I& U/ G1 _4 V. tGoing forward, household spending is expected to decelerate to a pace more consistent with+ e% X; V% |; i- _
income growth. The anticipated pickup in business investment will be important for a more7 S& P& {( x$ R0 j7 s
balanced recovery.$ J# |4 M' T0 h. A5 k( H0 G
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
! j+ ^( u' Z2 ithe combined influences of strong domestic demand, slowing wage growth, and overall excess; H5 q) v6 b/ {. m* u4 h9 L
supply.
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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
# t. u d( r& E& k* hto re-establish the normal functioning of the overnight market. This decision still leaves considerable ' ^) c# ^* X" V1 i8 e6 b
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
~- |- o, }! I7 n; Y0 ssignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.! S7 W- V1 [/ H2 `# h0 M
, y. Y6 E! Z* g, F; JGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary& I6 _' r& B" ], ?2 Y
stimulus would have to be weighed carefully against domestic and global economic
, \5 L& f7 ?# J1 i* c( ydevelopments.
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( }7 e" `: m! \ Y' d' ~, MInformation note:7 p h' m1 x. c
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update5 C9 |9 T" C0 x' n) l, @# n1 {8 c
of the Bank's outlook for the economy and inflation, including risks to the projection, will be" g4 ]- J* g ]; R* H. `
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！
