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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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) |, n+ I) z) {+ K1 fOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
. q( s( [; D, M4 d2 G% U' X$ ^rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
7 ?1 N! r! r9 u' M' Braised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
3 W- H8 s- s o0 yoperating band of 50 basis points for the overnight rate.
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) a- j4 D0 b/ J) N( s/ AThe global economic recovery is proceeding but is increasingly uneven across countries, with
! l; q# i! n$ i3 V9 s' gstrong momentum in emerging market economies, some consolidation of the recovery in the
: g" u) K$ z) v% `& Y( nUnited States, Japan and other industrialized economies, and the possibility of renewed weakness9 Q* h: D* {/ z, W: a) T- C
in Europe. The required rebalancing of global growth has not yet materialized.
1 J0 X2 O9 C- M1 i" \7 OIn most advanced economies, the recovery remains heavily dependent on monetary and fiscal3 X( u1 a1 x$ ?2 R. H4 G; [8 _
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the& D7 V5 D7 |. a; H+ }1 w
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
7 r! r3 F- k, `- z! H& h' Vin higher borrowing costs and more rapid tightening of fiscal policy in some countries - an, M" A2 q- x [7 b
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
& R$ l: v+ U& @ Q3 jspillover into Canada from events in Europe has been limited to a modest fall in commodity- k* s- j/ y4 M6 i8 Y
prices and some tightening of financial conditions.9 g1 u/ ~* W$ K3 F/ B
" }" b6 o5 I. o$ l1 a9 M* D1 cActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
9 z; M8 |7 X0 p: W1 o0 c* Y6 v3 iin the first quarter, led by housing and consumer spending. Employment growth has resumed.6 j( V6 c; y# j) J6 ?8 }5 x
Going forward, household spending is expected to decelerate to a pace more consistent with, G% k5 ]( b& x; k: u4 V
income growth. The anticipated pickup in business investment will be important for a more
9 ?" E9 o1 U j0 v S: H0 {( Rbalanced recovery.3 `' N1 o4 y1 ?: w2 A
( L+ U' U* B+ A$ K$ K! xCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
% Q/ U9 s& s' j( T( ^the combined influences of strong domestic demand, slowing wage growth, and overall excess
8 Z9 l# m5 |2 `5 B/ ?8 @supply.2 W% q* t" h+ M. c
$ x4 N7 t- R3 C4 F: G1 B; aIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and$ d: v. B) ^) y
to re-establish the normal functioning of the overnight market. This decision still leaves considerable , Y5 U: E# t6 k
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the , \% Y( a1 q; I: D2 b' b# q
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.' q( X+ z# H/ t5 V+ Z2 H n
4 b! F4 {$ Y9 R- A' B. eGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary1 s( g) d8 T! j; P
stimulus would have to be weighed carefully against domestic and global economic$ e- f9 b. H( r7 e8 v! p
developments.4 k& L# c% }2 |5 m: H" {
& t0 L/ ^7 e2 ?Information note:
: L6 R7 i" o" I7 i/ \The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update4 v6 j% G& q; ]3 e+ ~/ ?
of the Bank's outlook for the economy and inflation, including risks to the projection, will be% }1 W# L/ C5 u' t4 @4 ]. K
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！