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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 x% U, \+ s9 e
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OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight" ?: L+ l9 C! M: X' k
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
& z6 p3 ]5 I, c/ Iraised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
+ N+ q+ B( G1 Koperating band of 50 basis points for the overnight rate.$ R7 L2 z! w: W- n# q# }$ H6 H
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The global economic recovery is proceeding but is increasingly uneven across countries, with' B# X. q: @! p6 |; Q, `; t" ?
strong momentum in emerging market economies, some consolidation of the recovery in the
. P0 g% f8 y. iUnited States, Japan and other industrialized economies, and the possibility of renewed weakness
/ V$ e' _1 X8 v1 Y& z' @+ xin Europe. The required rebalancing of global growth has not yet materialized.0 K X: D! G$ h2 h2 V, N
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal
- \" d; @% W2 d. ~2 Wstimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
5 d6 A0 \7 L9 s4 {variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
% l5 K: ]# K( q/ j4 Y# S: A" Ein higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
' {4 f! ~0 U" A. V. D- [important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the! M) g" x; g# S8 M2 S" n; G
spillover into Canada from events in Europe has been limited to a modest fall in commodity- A5 \/ x4 y( g i2 o/ d% t5 A) D8 [
prices and some tightening of financial conditions." ^4 u6 L! j' ]2 S5 H
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Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent3 _2 h; C" C0 |; J
in the first quarter, led by housing and consumer spending. Employment growth has resumed.
0 C! f9 g1 O6 N9 u( @Going forward, household spending is expected to decelerate to a pace more consistent with
7 G. g2 X# x4 L4 A- lincome growth. The anticipated pickup in business investment will be important for a more; R/ ?2 Y7 x8 U! N* q
balanced recovery.. C( d5 E \- a1 I, }
9 a/ K# I6 d2 V2 ?- fCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
: w% G8 }( V0 r& Q: I5 Vthe combined influences of strong domestic demand, slowing wage growth, and overall excess
1 |2 K' q4 f2 f! S nsupply.
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* d4 { z. G: I( XIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and% T3 g" M) h v1 p9 V& P
to re-establish the normal functioning of the overnight market. This decision still leaves considerable
2 }* N$ V: U5 ? T+ [/ N7 lmonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the ) Y! l7 i6 m. R) C2 h; n( w+ c
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
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Given the considerable uncertainty surrounding the outlook, any further reduction of monetary
9 c) S0 J* c* D$ W# hstimulus would have to be weighed carefully against domestic and global economic
3 w/ m5 \9 f, r0 k W2 Y2 u% cdevelopments.
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7 O6 J( z; Z7 j5 A) g) yInformation note:
+ g1 d/ I0 J' E. MThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update5 N, Y, W' b1 O
of the Bank's outlook for the economy and inflation, including risks to the projection, will be
. {, G1 H2 F4 P+ h! ypublished 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！