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Bank of Canada increases overnight rate target to 1/2 per cent and re-establishes normal functioning of the overnight market7 R) G6 T5 f* b* N3 c5 @
$ R* R: P' s* s1 `; xOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
# D3 r/ y- O: q& |; g+ O' ?, C1 Trate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly k1 Z; g/ j' J9 L" Q
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal! l0 F! x: {8 Y: b
operating band of 50 basis points for the overnight rate.1 Q: k- E i2 k0 b0 V0 N
) _4 N+ |4 I5 N+ a$ AThe global economic recovery is proceeding but is increasingly uneven across countries, with
" [8 p5 }: F7 S2 [. g2 Kstrong momentum in emerging market economies, some consolidation of the recovery in the, L: K6 k* _1 E, k9 {' H
United States, Japan and other industrialized economies, and the possibility of renewed weakness
6 @0 {! Y2 u4 ?! J1 f ~in Europe. The required rebalancing of global growth has not yet materialized.2 [* H+ }6 M& r' c7 |8 c0 e/ Q
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal
! ]; h* S1 `: Y6 n o" H* Mstimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the; M) A2 ~4 f; _
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
, }2 w5 w' l: b2 M$ Xin higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
7 m# I$ ~% h* H+ o6 eimportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
& P* e! ~9 A$ \5 y9 Kspillover into Canada from events in Europe has been limited to a modest fall in commodity) H# k) ?6 _ w' S
prices and some tightening of financial conditions.( T( h7 r% n' H& t$ F$ A& g
3 g' E8 y' R" l
Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent8 \: F" b+ x5 g9 a/ }
in the first quarter, led by housing and consumer spending. Employment growth has resumed./ d3 W: L# V$ ^3 {9 J
Going forward, household spending is expected to decelerate to a pace more consistent with
1 o+ ]* h' m& kincome growth. The anticipated pickup in business investment will be important for a more' G4 K8 Q3 i4 a, }& I$ z! V" F$ o
balanced recovery.
, \3 I9 k0 [% E3 x& l z1 \5 W! Y! r5 J( E, M5 X' q- \; d
CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects1 y+ O( X- f6 d
the combined influences of strong domestic demand, slowing wage growth, and overall excess/ S' m9 l9 Z0 m. e- C# s
supply.4 C, D% o7 n% j+ E' {8 \8 W
0 B! l3 \' N- u6 U, @In this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and8 z. W( R" h! S2 v: B% }" z6 j' M) k) A
to re-establish the normal functioning of the overnight market. This decision still leaves considerable
3 Z t. e6 j: X! l1 X" imonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the ! w* h( G: Q+ u/ `
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.3 C m+ R$ o7 C& M3 \' j/ x
T/ q# L9 v3 r- c7 YGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary
$ m7 [% n" F5 U# n6 jstimulus would have to be weighed carefully against domestic and global economic
, o9 Y% A ]6 P, ]2 [) Z5 e' [" mdevelopments.
) i0 g0 T. b9 d& J7 S+ A' e
) C# _/ i9 J* b0 B4 H/ `Information note:
e6 g) [( t4 ]2 E, H }( `% `6 nThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update8 ^1 c1 J& g" s3 { D8 D) W8 H8 M$ W
of the Bank's outlook for the economy and inflation, including risks to the projection, will be
. O5 }% h+ y S7 d# N1 U& 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！