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Bank of Canada increases overnight rate target to 1/2 per cent and re-establishes normal functioning of the overnight market9 Y/ ]9 {4 G1 X+ \- T H0 i
6 p# c0 i0 g8 `) G* v6 a3 `OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight8 S1 k) G' \2 b3 ], }' g2 p
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
, P# E1 @9 z4 K2 g* n* R. Sraised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal9 V) d3 p7 {; P
operating band of 50 basis points for the overnight rate.
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. C: A- X- r4 _* z, x \) p% qThe global economic recovery is proceeding but is increasingly uneven across countries, with
8 d# i J. a% q+ Gstrong momentum in emerging market economies, some consolidation of the recovery in the
& o0 O8 O* q( [7 R9 x/ VUnited States, Japan and other industrialized economies, and the possibility of renewed weakness
9 F& J- m+ D! G. a( E, ain Europe. The required rebalancing of global growth has not yet materialized.
/ r7 Q5 \3 N" P; XIn most advanced economies, the recovery remains heavily dependent on monetary and fiscal
4 }6 G6 j: M, f( mstimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the/ s5 _) o2 q# \ t9 C& F
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
7 S( E. {; M6 E! Y% Gin higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
7 ]. O1 J2 A ]2 P' e- g3 ximportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
, E1 k- u% C; E: e2 xspillover into Canada from events in Europe has been limited to a modest fall in commodity. ]0 ?% U9 @( w1 G$ l- I2 o6 N
prices and some tightening of financial conditions.
8 B. h E: G" q* r% C6 V& v) ?6 h: x2 N9 f% j
Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent0 }0 {0 N) b; n9 r/ j9 @1 l: }) B
in the first quarter, led by housing and consumer spending. Employment growth has resumed.5 |% W% k3 v# k8 R5 r
Going forward, household spending is expected to decelerate to a pace more consistent with
" }: d9 e$ {1 q' x5 ^% G+ Pincome growth. The anticipated pickup in business investment will be important for a more
( ~/ k7 z6 J1 H8 |: |balanced recovery.8 T% g$ x7 V; A. n; f& b ]8 z$ V
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
$ Y e4 ^* I, B2 s' e6 ?the combined influences of strong domestic demand, slowing wage growth, and overall excess7 O# c& i7 K; T3 a
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 and9 n g6 c( p# H4 @4 c
to re-establish the normal functioning of the overnight market. This decision still leaves considerable
2 s5 J( Q, G/ T2 lmonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
c# X$ S% I1 E* H$ l3 ?7 ]significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.2 K3 _( v! V4 b0 d: W3 n
, j6 \ N3 @6 r' D6 I8 f6 QGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary9 z+ p0 H1 `+ M* q& M' ^! m; X
stimulus would have to be weighed carefully against domestic and global economic
7 i+ C7 X- `% ?1 B6 w; zdevelopments.9 F# N* {7 ]' K$ i: P" R- D
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Information note:
* F) \5 u& q" F' Q' kThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update: e. b& t7 H& J( J6 B( `8 t$ s
of the Bank's outlook for the economy and inflation, including risks to the projection, will be3 z, l/ q" A3 m. u, R6 v8 |6 A
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！
