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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* O1 x7 {, K9 o5 N2 f' S1 g5 h
5 `6 |5 s) K" T: ^5 @3 TOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
) x3 V1 E- o' Xrate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
8 S. ?0 S+ z$ H9 ?+ Kraised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
9 I' B3 I3 K! d; }+ \* c5 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, with
) }/ @. A; B( I: gstrong momentum in emerging market economies, some consolidation of the recovery in the
( L2 W# ?" ^5 X: t6 w' HUnited States, Japan and other industrialized economies, and the possibility of renewed weakness
" r9 Q* n& U. l5 b& k- ein Europe. The required rebalancing of global growth has not yet materialized.( y& J& m- K3 v" g% Q5 e( T8 N
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal
+ h% E+ f% h3 I, ]# sstimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the/ M; q: b' V, p- J* w
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result" C: i8 i4 M6 l( |7 G, D! h7 c
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an* G, @" J: T' O9 q9 \
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
7 \/ d5 R; [8 Y/ _- `5 X$ ?spillover into Canada from events in Europe has been limited to a modest fall in commodity
- Z9 v }3 I' G- g: A) nprices and some tightening of financial conditions.
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Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent4 J- M$ n$ h. S+ n; d3 z! I
in the first quarter, led by housing and consumer spending. Employment growth has resumed. V% E. K+ ~( z4 B: _) X
Going forward, household spending is expected to decelerate to a pace more consistent with
4 t W9 l# J7 K, ~income growth. The anticipated pickup in business investment will be important for a more/ L5 t; j3 c4 O2 e/ W2 } H
balanced recovery.! h( ~$ V% _6 f- i* r/ T' a
2 ], H) H4 P4 L$ h9 Y9 ]CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
/ w! \, d" c$ }$ I0 d; z! V- ithe combined influences of strong domestic demand, slowing wage growth, and overall excess
% v1 A6 I2 l/ V/ e+ Asupply.
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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 J& G" A1 l' L) q
to re-establish the normal functioning of the overnight market. This decision still leaves considerable
: h* D4 p9 H% L1 Q- nmonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
" I( ~4 B- q$ O0 y |6 Csignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.8 I% c, s( P; C! e: W! s& W
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Given the considerable uncertainty surrounding the outlook, any further reduction of monetary2 H2 O8 A. P6 }1 |0 \* f
stimulus would have to be weighed carefully against domestic and global economic
s! e T2 @) I+ ~developments.
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6 V5 O2 e4 A( l2 rInformation note:- h+ ~2 u1 ]7 ^. l) Q; P' @
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
% w- {+ S0 y' Xof the Bank's outlook for the economy and inflation, including risks to the projection, will be- {% [) Y( v- c2 \' S, E# R- \; }4 G
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！