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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 C- Z2 r( {+ F2 F3 A; D, g
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OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
$ y. V9 \2 B# W8 b/ d/ ]rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
; M) v. H+ r5 V Draised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
5 w6 k/ r( D0 c/ Z( H4 O/ ^" Ioperating band of 50 basis points for the overnight rate.2 |0 c6 d; w1 o" H: M; e
( I2 ^$ I* i# D9 h5 xThe global economic recovery is proceeding but is increasingly uneven across countries, with
' n- u/ W; v2 ~# X+ O% z4 bstrong momentum in emerging market economies, some consolidation of the recovery in the( \: J. Y9 E. K3 K% P7 _& J
United States, Japan and other industrialized economies, and the possibility of renewed weakness5 m9 D( R( u( h
in Europe. The required rebalancing of global growth has not yet materialized.
6 [$ o0 o0 W* D# z E( BIn most advanced economies, the recovery remains heavily dependent on monetary and fiscal& j* R! k2 {& v# ]( X; ?7 X. c
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
) a' T% U9 {+ V% J' l6 yvariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
$ N. B4 n- F2 u: }in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an) K9 P, v- ]: m; ^
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
- Z1 V1 q% [$ i- `% @6 ?+ i+ Kspillover into Canada from events in Europe has been limited to a modest fall in commodity5 }7 X- M+ c1 g% W6 J# C
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 cent0 \4 `2 Q% V' d' E1 R, `! v
in the first quarter, led by housing and consumer spending. Employment growth has resumed.# {( S4 U. [8 k1 k7 j2 i3 J
Going forward, household spending is expected to decelerate to a pace more consistent with A; ~5 Q; W( h1 |0 M( |4 m6 _- a% _
income growth. The anticipated pickup in business investment will be important for a more. ` [* J2 X2 I# R( k' z5 k/ W
balanced recovery.
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; n! {* h0 L/ NCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
& x4 Q: N. \$ j+ U# @% \8 Cthe combined influences of strong domestic demand, slowing wage growth, and overall excess5 d2 f h( ]. [
supply.
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2 Q( m2 A. t1 P- y+ x' DIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and
9 _. p# M% A5 a) jto re-establish the normal functioning of the overnight market. This decision still leaves considerable 3 h+ l& K8 j2 ]# s9 @
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
: m: O8 C! r4 ]8 |& O2 F4 h Y4 ssignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
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3 u. }# e: M2 y7 s5 qGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary
# Q5 Y0 O8 L/ {( ]: ^stimulus would have to be weighed carefully against domestic and global economic% `6 W" [$ \8 O, a
developments.
1 F) |9 Q5 N* r! F$ ?7 |, q1 T1 J6 X$ R2 h _
Information note:
' e$ j3 ]$ e: \* G* X. |. ]7 i: D7 mThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update0 W* p0 y' e( M! z- ]1 V! C+ f
of the Bank's outlook for the economy and inflation, including risks to the projection, will be! p9 m$ T1 `# c" D0 u
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！