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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$ q) Z9 p! R) n( ?/ d. y
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly% C6 x. ^$ ]0 t
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal! P3 [ q9 ^+ x$ N
operating band of 50 basis points for the overnight rate.1 N9 X6 G' T# q0 y( N4 K
. ^. [2 p; E8 O0 P- ^The global economic recovery is proceeding but is increasingly uneven across countries, with8 @; \' a7 Z O4 t- T4 ^" @0 r+ o
strong momentum in emerging market economies, some consolidation of the recovery in the8 q, i. t" [8 q; K& X+ x. v! I: w
United States, Japan and other industrialized economies, and the possibility of renewed weakness
( s% F9 S6 P7 t8 {# L4 f( v# g9 {5 vin Europe. The required rebalancing of global growth has not yet materialized.! z. \& H: s/ I) N
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal5 h- F+ J; l' j$ M( ~, O% t: ~
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the4 k" N3 m! w2 n* U) U
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result8 r! z7 ^! b2 u7 }( `
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
, J8 |) _4 B) z' _5 { @# uimportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the/ k* V( C. G+ J' g! v
spillover into Canada from events in Europe has been limited to a modest fall in commodity: x9 ^6 o- |& ]; c& B' X
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
+ n: v" S8 G$ e+ P2 r9 v+ }, Lin the first quarter, led by housing and consumer spending. Employment growth has resumed.
. q. G) k+ Q1 v1 G% fGoing forward, household spending is expected to decelerate to a pace more consistent with# m8 j; l1 I2 J' v
income growth. The anticipated pickup in business investment will be important for a more0 P8 T2 G; @+ @) v6 u, {' w
balanced recovery.. ]! z' H/ w& E" D: _& @2 X
' D" X% w. q0 v# QCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects7 H5 I. A7 m/ |4 ~% p. u
the combined influences of strong domestic demand, slowing wage growth, and overall excess0 O7 X/ `7 i' y0 ]6 z- ~
supply.
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( m- W1 g, _) N, O+ Y, J- ?4 _In this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and
/ c& W4 H6 q" @- p' ?4 y7 Fto re-establish the normal functioning of the overnight market. This decision still leaves considerable 9 P( Z4 Q9 W3 b! }9 G
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the ; `6 ^! t% q ?+ h
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery./ u; W5 D6 B( @' k
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Given the considerable uncertainty surrounding the outlook, any further reduction of monetary
1 o5 F: Q r. _. v% H; T' d8 nstimulus would have to be weighed carefully against domestic and global economic
B: F. d1 N8 D6 k) edevelopments.
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Information note:
& Q0 \0 C" u0 O6 c% r0 ZThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update) Z" S1 I" w6 I. ]9 C$ H
of the Bank's outlook for the economy and inflation, including risks to the projection, will be% `3 T2 c" F/ o6 V* i3 A
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！