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Bank of Canada increases overnight rate target to 1/2 per cent and re-establishes normal functioning of the overnight market3 v& E3 l0 z( I% o1 w& Q2 m& D
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OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight" g) n5 R$ ?' z
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
8 i1 k3 X8 ?* K3 }1 s! M8 r2 W: iraised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal: f+ q! o% Q( t: L- w
operating 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
+ J6 A) V/ b7 C- f; u5 K8 }5 zstrong momentum in emerging market economies, some consolidation of the recovery in the
9 r& y. o; Q# s2 Y, YUnited States, Japan and other industrialized economies, and the possibility of renewed weakness( A; |9 C; w y0 h* ~1 c
in Europe. The required rebalancing of global growth has not yet materialized., M( g; ^( L. B' r2 ^& A/ @" K
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal# b$ s- E4 F. |; M: C
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
7 j* G5 o: o9 v* n+ n) o6 Pvariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result. N" l) t1 B! A) V9 U
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
& s3 T% e2 @& y7 X" r2 I; c: ?important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the# o" A5 ~, h, c D# v
spillover into Canada from events in Europe has been limited to a modest fall in commodity; f/ ~ ]. s4 J* U
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; ^% A4 b4 S a" y7 n% C z
in the first quarter, led by housing and consumer spending. Employment growth has resumed.
) ^: J' }2 E% j3 R. BGoing forward, household spending is expected to decelerate to a pace more consistent with
. S1 ]( a) C) m2 a+ zincome growth. The anticipated pickup in business investment will be important for a more: b. C3 \1 F8 O4 P9 S
balanced recovery. q4 L5 \: u6 T- A4 s% p$ c, X
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects. ~. V& M" Z, b0 |2 s" a6 q( H' ~. B
the combined influences of strong domestic demand, slowing wage growth, and overall excess9 m: F3 N+ f2 J8 o5 ~- A$ k8 D
supply.
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d+ _, z" {# _/ a x4 B- sIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and
1 r8 r* f$ C1 Dto re-establish the normal functioning of the overnight market. This decision still leaves considerable
: Q" Z& u& H n% S' ^7 o4 w0 ?monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the + {9 Y6 K, q& N2 [+ p. w: d% `
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
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Given the considerable uncertainty surrounding the outlook, any further reduction of monetary! N- S7 Z$ ~) ^0 i. u2 s. H
stimulus would have to be weighed carefully against domestic and global economic, j' i' q$ u. Q0 y7 O/ \
developments.+ g" P c4 @' X. P9 ?' W8 w3 a2 U5 u
" M+ T. e0 r* c- W+ I1 D9 C4 tInformation note:
* ~+ Y7 h: V7 {+ x3 Q1 V" @$ c: IThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update$ ]( ?2 I8 z, [1 S/ _# p+ L, B
of the Bank's outlook for the economy and inflation, including risks to the projection, will be
- o* \* G8 _! |* u5 n: Rpublished 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！
