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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
: a" R: N) b. t, l) N7 _rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly& }, O# i% j, r/ ~. i: o9 Y. T
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
% \* e7 o8 d+ ^7 c; Hoperating band of 50 basis points for the overnight rate.
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The global economic recovery is proceeding but is increasingly uneven across countries, with& F5 D: y3 ~: ^& g# T3 Q
strong momentum in emerging market economies, some consolidation of the recovery in the0 H6 C& I, H2 c4 |) L( O
United States, Japan and other industrialized economies, and the possibility of renewed weakness
. j( ~. Y* ~) q! h m. |in Europe. The required rebalancing of global growth has not yet materialized.
& c7 B2 f* i% @2 gIn most advanced economies, the recovery remains heavily dependent on monetary and fiscal( ^2 _6 w& B8 A9 }
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the$ c% u3 K4 w# Z" C0 a
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
' N6 d6 x; t# p# o+ s+ Z' oin higher borrowing costs and more rapid tightening of fiscal policy in some countries - an/ w- r1 b6 i. ]% j7 M$ c+ c+ x
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the$ C' I' y% o/ ?9 h
spillover into Canada from events in Europe has been limited to a modest fall in commodity
" q3 K3 X0 O" C; \prices and some tightening of financial conditions.
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9 C7 R- X; P9 I8 e" |% j4 {Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent! s) Q9 e4 Q& Y8 `9 r) `" J
in the first quarter, led by housing and consumer spending. Employment growth has resumed.
/ y0 _2 D- M) |+ T. A- B1 H/ k9 {Going forward, household spending is expected to decelerate to a pace more consistent with1 P* |+ N3 Q4 E/ b
income growth. The anticipated pickup in business investment will be important for a more
. f( l g4 N8 m0 vbalanced recovery.
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects) R( m# @* `! Y4 A: j( b: M8 `
the combined influences of strong domestic demand, slowing wage growth, and overall excess
8 v8 s0 q8 ~7 e: Csupply.% \. U1 Z0 K; v, i4 O* r7 p
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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
9 y* O) b6 i' x4 R9 V& Sto re-establish the normal functioning of the overnight market. This decision still leaves considerable
* B# \: |- S4 vmonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the - F* z3 a2 r( K8 r
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.+ _5 V- T( ]+ t2 M9 m
' ?# I9 W6 b m0 X7 _" K5 P! ~Given the considerable uncertainty surrounding the outlook, any further reduction of monetary8 m; f: y$ `$ \9 Y- ^5 M
stimulus would have to be weighed carefully against domestic and global economic' O& Z q0 M6 w7 H1 O. R! P
developments.
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5 F9 K( l4 g6 y5 U* _4 gInformation note:! S! \' ~4 v5 Q* u
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update7 F% S X9 |- p( J* U# u
of the Bank's outlook for the economy and inflation, including risks to the projection, will be) Q5 I" g8 j+ G# ^; p
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！