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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 overnight+ b, N0 a' N* L) g
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
4 c5 m! F; P8 G6 x; P& n Eraised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
. h, R, _" g7 n2 L8 Boperating 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, with0 U* L! l: ~$ O% t/ f0 i% {
strong momentum in emerging market economies, some consolidation of the recovery in the' U- }+ q4 l6 ^4 h
United States, Japan and other industrialized economies, and the possibility of renewed weakness9 t! ^' f% Q# G+ ?; }; L' C5 ]+ C& j
in Europe. The required rebalancing of global growth has not yet materialized.
- k w7 g& w% T# t: ^In most advanced economies, the recovery remains heavily dependent on monetary and fiscal
' }6 |6 l( h3 i$ j7 l% `/ Z9 {% istimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the# h# _, {4 @# t
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result+ M( i" m; u' G7 I' E
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an- a' Z* |, C- s6 }4 e
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
. k' t9 L4 p% }# F3 @5 j8 {spillover into Canada from events in Europe has been limited to a modest fall in commodity
7 Z$ s8 G) B$ p" q* Oprices and some tightening of financial conditions., u) t& K" o3 T: c/ a# f4 a
3 g) }' x5 w; e' bActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent. }) }% T3 f% o6 T: v g. m
in the first quarter, led by housing and consumer spending. Employment growth has resumed.
% N) @5 Y1 s; q$ wGoing forward, household spending is expected to decelerate to a pace more consistent with
2 b* n; J3 h- o+ }income growth. The anticipated pickup in business investment will be important for a more
8 z0 t) e, R2 u$ u3 Obalanced recovery./ K u v T8 D
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
5 y# H# \; _. F4 n( s' \9 ]& Kthe combined influences of strong domestic demand, slowing wage growth, and overall excess
3 S7 ?7 ~6 L n; `& V, |& isupply.
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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
% Z3 v# ]! ~0 T4 F' }. Mto re-establish the normal functioning of the overnight market. This decision still leaves considerable
" o1 u3 F' A- Pmonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
9 r. t' C: X' M/ \2 t3 R/ E" Psignificant 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 monetary1 D4 E) x& l z8 l& |8 w/ R7 V/ H2 [
stimulus would have to be weighed carefully against domestic and global economic: r3 _3 e! \' C
developments.
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Information note:
% J# }' q$ D& Y( B# D& D! HThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update' _+ {$ k8 x3 T7 G; X
of the Bank's outlook for the economy and inflation, including risks to the projection, will be
; W) v6 U& `" D& B+ j* a: C" D" T5 Cpublished 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！