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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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OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
& e7 j2 N4 ]+ Q$ |( srate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
7 ^4 }! F* h3 x$ _+ k% b7 {( q/ kraised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
6 e4 ^! B% j% `# I4 N; Hoperating band of 50 basis points for the overnight rate.' R2 T6 G2 F" t. q8 n& l
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The global economic recovery is proceeding but is increasingly uneven across countries, with) @( r' d/ d# f5 \( _& t$ z* t
strong momentum in emerging market economies, some consolidation of the recovery in the3 u9 B" {' W0 S7 _9 k5 z' a- m
United States, Japan and other industrialized economies, and the possibility of renewed weakness
% L4 b& _; t1 j/ l% e- t4 Gin Europe. The required rebalancing of global growth has not yet materialized.
# r* |- m. U" W$ t/ I! o: FIn most advanced economies, the recovery remains heavily dependent on monetary and fiscal" R4 b2 ]( o) h& r; i. a
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
/ v# t$ R/ N3 r% D& I; [- s3 k) `variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result& h. O$ a9 A% l; I
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an3 k. `. Y# ?, f' b
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
; p% f/ X: E( d3 v0 Hspillover into Canada from events in Europe has been limited to a modest fall in commodity {% f0 v& b8 x5 U5 v
prices and some tightening of financial conditions.6 c' i' d: r& D; \% W0 } P" u
3 c( _, h0 |' _Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
% @" H8 I. U) J2 o, xin the first quarter, led by housing and consumer spending. Employment growth has resumed.
6 b1 E' P7 h9 k; t7 OGoing forward, household spending is expected to decelerate to a pace more consistent with
6 S9 q" }9 |' {! e9 v/ uincome growth. The anticipated pickup in business investment will be important for a more, s+ p: u5 J+ w$ J2 g( |
balanced recovery.
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5 e% i+ W; j/ [2 nCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects# c$ g8 k' C1 ?! g: y- Q% |# e3 k
the combined influences of strong domestic demand, slowing wage growth, and overall excess
8 x- ~# ?* {" T, k% nsupply.7 U" v# o' |* _. X
6 h" O% s% F! Z# {) M3 eIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and
& |" ]4 I$ W, r7 Z8 A& uto re-establish the normal functioning of the overnight market. This decision still leaves considerable 7 d; c% ^* t1 Y! k( y0 m) Z2 l! [* f
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
5 o) ^: Q0 f; f: xsignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
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5 N$ u+ ?8 U3 X( b3 v3 i% X5 [Given the considerable uncertainty surrounding the outlook, any further reduction of monetary
: r* T P8 q6 w$ y1 @, jstimulus would have to be weighed carefully against domestic and global economic. [+ p* p8 }6 u$ j4 c& F5 O ]
developments.0 F) C! I% R1 Q" G
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Information note:
2 [7 r7 F( f& a% {4 @# JThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update) J6 u6 C y& _( b g0 @' j0 p: ^
of the Bank's outlook for the economy and inflation, including risks to the projection, will be; t+ p8 L0 V/ h, ?, X `/ e; e/ p$ P
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！