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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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8 x9 p+ ]- S7 W- G p7 a LOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
+ C/ V/ M* i. grate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly, o. A& Y* K* \. ^6 I m
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
& b+ U* W1 x' T, E: \7 W# X1 ~$ noperating band of 50 basis points for the overnight rate.3 G2 |, q8 H" u; l/ b/ x
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The global economic recovery is proceeding but is increasingly uneven across countries, with
* U) Z: t0 o- I0 i7 u- Pstrong momentum in emerging market economies, some consolidation of the recovery in the
4 x; {! }% z' t! A5 wUnited States, Japan and other industrialized economies, and the possibility of renewed weakness/ |* k( h* o+ G _; c. N
in Europe. The required rebalancing of global growth has not yet materialized." F' ?" @. \ _2 E% E: v6 @
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal! } E- t8 k% s* I/ `2 w7 a) r) B# o
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the9 }1 w* q2 R& P, ?( h
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result, f$ T5 D$ d% c: O% O( Y n
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an: w0 Z1 Z1 J8 X4 h
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the' J! G- O5 n# Z! i% O; w
spillover into Canada from events in Europe has been limited to a modest fall in commodity8 F- x( c6 d2 {4 E) ?3 b6 Q
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# j! ?* L$ e/ H* t3 V
in the first quarter, led by housing and consumer spending. Employment growth has resumed. r6 j, k& a" G
Going forward, household spending is expected to decelerate to a pace more consistent with5 y! N: ?/ S# A, k$ }) z
income growth. The anticipated pickup in business investment will be important for a more
! |! E, Y5 ?& p6 j& t( Tbalanced recovery.
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% A4 ?* L9 R! w- Z7 HCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
8 p; Q) m# G1 P+ C9 \ E8 B. Bthe combined influences of strong domestic demand, slowing wage growth, and overall excess
5 y+ [& Q ]1 Z/ usupply.4 q% b" S( O; k
% B9 N1 A& w/ }7 U( vIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and
7 |3 x# f" k* O1 d7 v3 H+ V+ G |to re-establish the normal functioning of the overnight market. This decision still leaves considerable ' \" T$ B9 N c
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
/ S- r# I5 E- a4 v( ], ]% i4 P0 |5 ysignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.* b7 x/ I g T+ p: u
X/ l6 g {" i9 k4 rGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary6 [* j$ W- Z& }) B) t: i
stimulus would have to be weighed carefully against domestic and global economic
+ n- A0 u9 Y* J& V& Hdevelopments.
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Information note:5 E) n4 }/ D" f
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
4 o# K5 A. F2 }' E8 Jof the Bank's outlook for the economy and inflation, including risks to the projection, will be/ g3 H- _( n, p4 _# C& s# ^
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！