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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
! r5 F' }! T6 k. Yrate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
1 p' c: F" ?% D0 r' t- Q) W( O" y5 C4 Zraised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
4 X6 t6 V7 i; e) q; ^1 Yoperating band of 50 basis points for the overnight rate.
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; l9 m& P2 @" |# ^The global economic recovery is proceeding but is increasingly uneven across countries, with1 E* e t7 p: K3 M
strong momentum in emerging market economies, some consolidation of the recovery in the
6 j, I& `, @2 g7 KUnited States, Japan and other industrialized economies, and the possibility of renewed weakness5 O' E3 T. p) d$ I5 A
in Europe. The required rebalancing of global growth has not yet materialized.1 h0 x" [+ t! \0 i8 R+ R
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal
2 J; r% n! X9 T# K+ e# Lstimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the) d9 l2 m: F! z: x4 x
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
7 Q' |( ]2 q$ a6 c! i/ fin higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
$ T3 g+ E# H# {1 J( `7 R9 Kimportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
+ e- H @, l; |6 Wspillover into Canada from events in Europe has been limited to a modest fall in commodity1 X! o; p: E( A4 T) v ]
prices 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( w+ T( T6 f3 ~) C9 o0 J, z H
in the first quarter, led by housing and consumer spending. Employment growth has resumed.0 n* n0 l4 i' v2 |
Going forward, household spending is expected to decelerate to a pace more consistent with
& Q3 {: f a A! i+ m, P1 ~income growth. The anticipated pickup in business investment will be important for a more) R8 a, y- p P5 [
balanced recovery.# V+ b r( k, h
( J/ m( a1 S+ Y* E9 RCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects6 x+ t6 b! ]& Y6 s) }* J4 [
the combined influences of strong domestic demand, slowing wage growth, and overall excess# J+ m' Y J9 O. b4 ^' }. h
supply.+ A' o7 w) g% d, C2 Y( d
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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
# N$ _% a6 {; A8 ^/ P, sto re-establish the normal functioning of the overnight market. This decision still leaves considerable
" W) @9 Z6 Z6 Q1 t" D1 Qmonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the ( o* D( R! I* [# s3 N
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
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& W* f' c& J F4 WGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary
; \2 h& N5 `/ T! S( ]& n: xstimulus would have to be weighed carefully against domestic and global economic
4 ]( V' L9 Q+ Odevelopments.
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Information note:
: l3 _, I* T8 N5 x4 qThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update6 \0 b3 s; @& J: w) I
of the Bank's outlook for the economy and inflation, including risks to the projection, will be G) n& K$ e0 _
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
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