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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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+ i2 w: l! }2 q) \6 `/ c# DOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
( F; \- N/ a) t0 U" L5 |- Drate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly7 I$ Z a) }2 [9 y4 @
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
9 q; S0 x6 \9 I* R5 I3 F" M4 Xoperating band of 50 basis points for the overnight rate.
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The global economic recovery is proceeding but is increasingly uneven across countries, with
: e1 l. G ~1 [7 M& ^5 bstrong momentum in emerging market economies, some consolidation of the recovery in the
, G; ^$ k& r f: B) mUnited States, Japan and other industrialized economies, and the possibility of renewed weakness/ ~* P8 w7 _, Z2 n6 a J# p! o) R$ A
in Europe. The required rebalancing of global growth has not yet materialized.$ w" w1 g% F7 Q" A4 c0 n4 v- x5 U4 [
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal$ X I! k" |7 r. _ z U. w# [
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
& n" W1 k6 p: f7 {variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result- p: c }) I7 F/ O8 y/ m
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an$ P: j( V0 z7 x; D8 a$ X
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the5 O4 D& {8 |" \# }/ f" I" u4 m
spillover into Canada from events in Europe has been limited to a modest fall in commodity
# L M7 L% u3 l( P, n$ Eprices and some tightening of financial conditions./ B& o+ x' l' L1 q: p* ~* Y9 l- \" `
6 N, I' p+ Y7 e$ O* _Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent; z! n; ^" E0 A4 _+ d/ D2 {* r& O6 @
in the first quarter, led by housing and consumer spending. Employment growth has resumed.2 P3 y) n, z f: ?
Going forward, household spending is expected to decelerate to a pace more consistent with
4 w! w5 D$ P* `3 K2 R( J1 ?income growth. The anticipated pickup in business investment will be important for a more& l( w* N7 {# ]* q
balanced recovery.% \3 |$ M0 \* m4 q3 v0 w
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
& v* i4 k: H9 Mthe combined influences of strong domestic demand, slowing wage growth, and overall excess9 ^4 K- ]: Q, a$ o1 C6 t4 F
supply.
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! u# Q) a$ _; [$ t' jIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and
+ _' x$ V2 G% r: n1 P8 Nto re-establish the normal functioning of the overnight market. This decision still leaves considerable
6 `4 `" U% U' Y- O; ~. pmonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the 8 B2 n& F2 T, i% R% E$ \! X. I9 }
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
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Given the considerable uncertainty surrounding the outlook, any further reduction of monetary9 \ B; I+ I0 p9 F
stimulus would have to be weighed carefully against domestic and global economic, N/ H* w& F: S' G8 `
developments.8 _! U" K% a' Y( Q
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Information note:
8 W% { R+ C* _$ OThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
; D6 r* O$ n, L3 g8 vof the Bank's outlook for the economy and inflation, including risks to the projection, will be# u0 e( f' o2 J3 }/ _0 Z" _4 `/ 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！