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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+ O$ G) {4 e4 i, L# u9 k* ~
; j% B2 [# [: }OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
5 g3 B& T" k4 I- Xrate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
) `5 v- r( @. B0 }1 I+ Y( a* m5 eraised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
- S3 n% M! ~8 V. s' Poperating band of 50 basis points for the overnight rate.# x% p" a- \, a! o
$ ~# n0 I0 f2 q3 v, ^! c2 W# MThe global economic recovery is proceeding but is increasingly uneven across countries, with
8 v9 r& Q' v# C" I( |strong momentum in emerging market economies, some consolidation of the recovery in the9 ~- {1 U. N% H$ b
United States, Japan and other industrialized economies, and the possibility of renewed weakness. [+ |1 N, ?* q2 d. }% t! P) |3 h
in Europe. The required rebalancing of global growth has not yet materialized.8 O# X0 k- P8 f& o6 ?( P5 [. ]" ]
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal5 {" C+ V% }- B. n! m: m3 n
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the1 I; z: h" i' H
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
+ r4 v% T2 d. W0 y4 J1 kin higher borrowing costs and more rapid tightening of fiscal policy in some countries - an7 b- B5 J( G; I; v
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the# K3 L w7 h# T3 K
spillover into Canada from events in Europe has been limited to a modest fall in commodity
/ K6 I7 d s5 x! K! Bprices and some tightening of financial conditions.+ t# F+ u( I6 p; g9 v/ f; N
" _+ O, j! Y3 p* W! N$ m6 r! W) U# T
Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
3 \! p5 O* J% b% Xin the first quarter, led by housing and consumer spending. Employment growth has resumed.
t o$ U6 i+ R. u1 |$ e8 l6 K* TGoing forward, household spending is expected to decelerate to a pace more consistent with- E4 T) [" x3 _4 N) W
income growth. The anticipated pickup in business investment will be important for a more9 I8 ]. H" [" j+ L
balanced recovery.- f0 l; y+ S+ F/ t8 e5 M* ^ U( h
' A1 `6 t5 L" k" a& |: A+ X6 ?
CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
; v- N: i% O% `# x" C( Mthe combined influences of strong domestic demand, slowing wage growth, and overall excess# N% q) I) J2 q1 D/ O7 h0 G
supply.
# a+ x9 K0 V' }1 h
/ M3 s& ~8 U7 S1 d* X; UIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and+ z. G0 j6 T! i
to re-establish the normal functioning of the overnight market. This decision still leaves considerable
8 B4 G. S6 }6 Z4 Z% E5 e/ gmonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
: H+ ?, R- _- `$ t8 [significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.6 j" y/ i( O8 M8 n
! V$ f% h- \+ K, RGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary7 w3 i4 U8 v8 ~: f% \& ~
stimulus would have to be weighed carefully against domestic and global economic9 O3 n% B' Q) r3 K- s' K
developments.
- {* }3 e: P. c0 z; `! ]2 Q- u/ G; J: d4 Q1 G2 n6 N
Information note:" Z, ]; i4 a$ G$ J6 P
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
+ Y( J) M! g4 C' L( a; Y+ Eof the Bank's outlook for the economy and inflation, including risks to the projection, will be* @6 l& J# z1 H$ I6 O% q9 b5 D: V* y
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！