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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; `8 k0 `" C1 K& c7 N, W2 b
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
) b% ~4 B0 i& k1 F1 j% F$ ~raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal5 L9 l- x/ y+ @" G% @
operating band of 50 basis points for the overnight rate.
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- N9 s: g4 u, xThe global economic recovery is proceeding but is increasingly uneven across countries, with& ~& t( y6 y9 Q1 e! N8 @
strong momentum in emerging market economies, some consolidation of the recovery in the# ]0 t8 n+ T& F2 G8 l, C
United States, Japan and other industrialized economies, and the possibility of renewed weakness
1 w8 l. i9 m& L/ _6 xin Europe. The required rebalancing of global growth has not yet materialized.% r) H$ N4 k; Y: D& p# u* l
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal2 y; `; \# E; P3 @8 n
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
$ ?6 T2 S/ I" p/ _) s3 K$ Yvariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result. C+ \7 I2 T8 c
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
; w; C6 z5 x9 }7 x. vimportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the1 y; J. y \0 y8 v: V8 a* ]" b
spillover into Canada from events in Europe has been limited to a modest fall in commodity4 ^7 K9 d3 K6 C1 O% T
prices and some tightening of financial conditions.+ }4 j& d& F; s9 z
& {; E2 m. D& \1 X" z9 GActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
( T# |* l# @6 m2 q4 ain the first quarter, led by housing and consumer spending. Employment growth has resumed.
# _9 A$ \$ X r! q% l( cGoing forward, household spending is expected to decelerate to a pace more consistent with
; p: ~8 B+ e0 p0 |6 e5 Gincome growth. The anticipated pickup in business investment will be important for a more
2 _. M$ e6 \" D1 Jbalanced recovery.
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
0 z& F% F T$ V7 h# N& e' t* i0 @$ }the combined influences of strong domestic demand, slowing wage growth, and overall excess
! b7 j# O- J7 b* q7 _, v Bsupply.: N* L# b0 r8 Q1 |( o1 r, 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 and1 Z; Q3 I! k7 M1 o# H
to re-establish the normal functioning of the overnight market. This decision still leaves considerable " {: a0 h, j1 @5 c. G3 k
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the 2 E. E1 z( t0 |# K! a8 C7 N+ }. J
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
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# e( k" g+ y- O9 I1 X) P' YGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary. i& D6 `' k B- ]
stimulus would have to be weighed carefully against domestic and global economic
+ t) A2 j I. j, N3 C- d: Wdevelopments.9 ]# M3 Q4 [- `4 b
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Information note:# b2 A2 `! |& ^$ x0 E" X
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update% X$ p/ u; T3 C F
of the Bank's outlook for the economy and inflation, including risks to the projection, will be, ^& h h( P9 ~
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！
