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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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, b2 O9 M: U# D. |OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight9 Q( ]/ Z2 P1 V& J4 W2 g
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly# V: M2 @. M5 D
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
* @: |0 g1 Y" N" L2 t9 A( Joperating band of 50 basis points for the overnight rate.1 ^9 X9 G% i1 P! O. R
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The global economic recovery is proceeding but is increasingly uneven across countries, with3 m7 w; K( j# L. m+ C; r; v
strong momentum in emerging market economies, some consolidation of the recovery in the2 C3 Q4 T! V3 N$ U
United States, Japan and other industrialized economies, and the possibility of renewed weakness
5 V; S" v) n0 @( R$ T4 V# qin Europe. The required rebalancing of global growth has not yet materialized.+ R, c" T( W2 d" O7 u- s
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal" n/ t8 D) f6 ]$ F, X2 \% @1 R
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the T* C, }6 Q8 [ H5 U) C8 d, z
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
8 N6 P! q+ Q6 o% x7 K8 U" |in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an! Q) d/ R8 ?* b5 r5 J- {* `
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
4 O$ I& _; }+ r% }! Qspillover into Canada from events in Europe has been limited to a modest fall in commodity
' }5 C5 R0 R, \6 qprices 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 cent( z t& B5 G8 q5 a: |( C
in the first quarter, led by housing and consumer spending. Employment growth has resumed.6 |9 Q3 k9 l+ w" X" x. V/ R" A
Going forward, household spending is expected to decelerate to a pace more consistent with
6 H$ _9 ?. }; O4 _" }: Q! zincome growth. The anticipated pickup in business investment will be important for a more
" t& t) q4 G D& K7 K9 U' ybalanced recovery." b2 ^. m( P# l
% j) q& \7 K* d# l: Z: {CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects2 K/ U" v5 Z( ?5 g, d5 Z0 r Y
the combined influences of strong domestic demand, slowing wage growth, and overall excess1 d$ g% l) j, E) O4 ]4 B
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 and
7 ]3 N/ z) J* P# y* \! `to re-establish the normal functioning of the overnight market. This decision still leaves considerable
$ `* y/ g$ h8 z* g3 R; }8 Gmonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the , }, _. W5 G+ T
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.9 ^- v2 y% v* n* M- ]5 G7 g1 W
2 t4 _" r: e. d5 t5 Y* EGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary; b8 w+ ?1 I7 m' Y+ Y% t
stimulus would have to be weighed carefully against domestic and global economic
# `/ C1 L& _; r1 kdevelopments.$ x! h, ^6 h5 M9 T3 x+ }
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Information note:! P- W" L: ~# C6 m9 h7 _' {. C
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update& O: p2 I) X0 E/ X( A. v. J
of the Bank's outlook for the economy and inflation, including risks to the projection, will be
! C+ e# }: u' Epublished 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！