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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* j6 Q5 ? H" X8 A% \3 Y* b; O
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OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight i, ?6 I' a) s) Z/ }8 u
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
+ b) V0 ~7 ~6 Y0 Iraised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal9 V( ^0 L/ V8 c) o& d% A" i
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
`0 U# t0 _$ p U' H6 b+ Gstrong momentum in emerging market economies, some consolidation of the recovery in the0 Y$ P7 U! \7 ]) M1 \/ N% H
United States, Japan and other industrialized economies, and the possibility of renewed weakness
" Q& Q: G h2 {0 Y! g0 gin Europe. The required rebalancing of global growth has not yet materialized.
6 L1 P. ], B/ {3 K: K4 x. f# LIn most advanced economies, the recovery remains heavily dependent on monetary and fiscal
; C+ h! ^" h7 A( _. i$ S) wstimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the/ F1 \6 V3 C; F
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
/ N" ^4 }( t# I8 \5 U, Sin higher borrowing costs and more rapid tightening of fiscal policy in some countries - an; o" a, l2 O, f8 l+ k" |
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
+ X6 l8 L: j# s! X1 p7 d/ aspillover into Canada from events in Europe has been limited to a modest fall in commodity% o* Z6 E+ T( a+ h( R, C! n
prices and some tightening of financial conditions.& e! @ y" ~; U6 }/ |
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Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent1 B" S- p+ M/ A8 v8 _& r$ f- A
in the first quarter, led by housing and consumer spending. Employment growth has resumed.
' p, z& s* H; u0 o( T6 ~+ uGoing forward, household spending is expected to decelerate to a pace more consistent with
3 C3 |9 f5 ~3 e$ @' w8 J" Bincome growth. The anticipated pickup in business investment will be important for a more
' |; j$ ^9 M7 Gbalanced recovery.
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
( K) K+ G3 c! `7 qthe combined influences of strong domestic demand, slowing wage growth, and overall excess
& w, p G' f1 x G, A. L! u) Xsupply.- p' t+ U! |1 d+ a
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In this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and8 ^! c2 j" J2 Y- w" }+ I, ?' Y
to re-establish the normal functioning of the overnight market. This decision still leaves considerable
+ ~/ |% i4 b! ?3 {monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
4 E- h* |+ c0 [significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.& f7 s) p! T" N5 ?% E+ C
7 ~) X$ y+ F" y& e$ Y+ tGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary
# a' ?" M+ a' D6 j2 E8 L9 {stimulus would have to be weighed carefully against domestic and global economic% ~; U3 Y6 P ~, T4 Y8 _- F* Z
developments.
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& s- W) S0 X; r! n4 q" XInformation note:- z2 a V! D' v2 x
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
( x/ `: [+ s$ G# ]: Rof the Bank's outlook for the economy and inflation, including risks to the projection, will be/ J/ V) F5 [) R8 ~+ r
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！