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Bank of Canada increases overnight rate target to 1/2 per cent and re-establishes normal functioning of the overnight market0 B. H8 Y6 O. r) X0 H
- w9 {- y' n2 O4 A% WOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight% Y/ N" U9 q2 t
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly" V% k+ Z2 F: n- }; m* S
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
: P' h9 G6 b6 Koperating band of 50 basis points for the overnight rate.
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& G9 {/ B/ F) R0 b' _) {The global economic recovery is proceeding but is increasingly uneven across countries, with
6 h. N# W" D, u) S6 s6 ^strong momentum in emerging market economies, some consolidation of the recovery in the/ N5 c; d, c+ t- H1 Z* k
United States, Japan and other industrialized economies, and the possibility of renewed weakness, |) T+ K' ?/ K8 f+ }
in Europe. The required rebalancing of global growth has not yet materialized.: H- E3 E! b- Z* P
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal' ] K" l+ Z" d: J7 K5 G$ E- s8 Q
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
" |. j2 I8 X6 i8 w$ }$ S, Cvariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
) z; T, b) s: Z% [( din higher borrowing costs and more rapid tightening of fiscal policy in some countries - an: ^; ~! g# b, j4 {( v1 S
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the9 O& @7 p. u# M
spillover into Canada from events in Europe has been limited to a modest fall in commodity
$ c) X H7 g/ ^& k8 a3 }4 Pprices and some tightening of financial conditions.+ U* r7 E9 H# O, u
% h. q3 }' F# _% C! t4 E
Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
/ w7 I& V6 j+ x2 pin the first quarter, led by housing and consumer spending. Employment growth has resumed.0 _1 j! t+ \+ V2 q3 U
Going forward, household spending is expected to decelerate to a pace more consistent with" }5 a( z% U' F0 n0 A
income growth. The anticipated pickup in business investment will be important for a more
7 Z! O' Y3 P8 j( `5 c7 g6 G% @balanced recovery.
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects% Z" |" [7 T+ N- S
the combined influences of strong domestic demand, slowing wage growth, and overall excess) i" g' j: S9 a/ L
supply.( z; W9 L( Q+ L( y% b' a* N
3 S- F! Y* @3 a5 I+ D
In this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and
' {! e- l( Q/ u# m: _# c+ pto re-establish the normal functioning of the overnight market. This decision still leaves considerable
4 R& M5 y y0 i6 Omonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
% t2 [( o- |$ ^7 o0 ?significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.7 U) Q! q: Y6 s" \& P
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Given the considerable uncertainty surrounding the outlook, any further reduction of monetary
; T! _: S5 c2 I* gstimulus would have to be weighed carefully against domestic and global economic
& e+ } ?6 h; Jdevelopments.9 ]8 l5 v4 g/ |: t+ T# o; X) u
# G4 `+ ~6 r4 Z$ W: s" ]5 CInformation note:
5 q7 T# @! g/ o' vThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update" i7 }* e! b1 F* m" N% \
of the Bank's outlook for the economy and inflation, including risks to the projection, will be* Q7 l+ g3 a& \ A, F
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！