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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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2 G7 C2 U% c7 c, s8 U* ^9 K8 P2 tOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
9 Y3 P$ s9 R. U1 ?rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
. Q3 Y: c$ w: z* wraised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal# F! u! Y+ O! G5 T
operating band of 50 basis points for the overnight rate.- {9 @1 W2 _7 i3 w
6 F' Q' y4 H6 S" s" @The global economic recovery is proceeding but is increasingly uneven across countries, with9 g$ G0 \6 F; _3 R" o# G
strong momentum in emerging market economies, some consolidation of the recovery in the% |* K& j# N% G* K0 j
United States, Japan and other industrialized economies, and the possibility of renewed weakness
& x' k+ Q- i, {# M; sin Europe. The required rebalancing of global growth has not yet materialized.
* q8 R2 D$ m- n2 d) uIn most advanced economies, the recovery remains heavily dependent on monetary and fiscal
" h3 n, w$ `7 K* q3 \stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
% X. ?3 h# u5 T1 [3 \. ]/ n \variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
Y" C" g3 D7 Z3 C! @in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an6 h. w" @7 t# c6 x H$ I
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the$ d6 Y; a5 N. Y
spillover into Canada from events in Europe has been limited to a modest fall in commodity7 J* D! l8 ^( `
prices and some tightening of financial conditions.- F, C& T( p C: d5 Q
; |; y; s$ v$ FActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
5 ?5 f6 @: G2 _7 f/ h! Din the first quarter, led by housing and consumer spending. Employment growth has resumed.4 n! h6 s, w% K6 e
Going forward, household spending is expected to decelerate to a pace more consistent with N' I4 n; S" ^3 z* j9 f
income growth. The anticipated pickup in business investment will be important for a more; z* o$ z3 ~. |) v; N# a
balanced recovery.
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
; J: h& ^4 x5 zthe combined influences of strong domestic demand, slowing wage growth, and overall excess
: }9 x, J; f5 r' }supply.
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In this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and$ u9 Q3 ~9 X. Y/ l5 m) D
to re-establish the normal functioning of the overnight market. This decision still leaves considerable
$ I3 Q5 Z) W4 Z" r: x. Q& }' nmonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the 4 ^- q/ l/ `1 S' X1 O. S, H4 {
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. [- \. ^/ B" _# q" R- A, u
stimulus would have to be weighed carefully against domestic and global economic
: i5 I3 ^' g6 }7 r# J& p! b; u$ f7 ydevelopments. E+ L% G: Y7 e. i% M) [
" w0 b8 S- K7 }% M; c0 ]Information note:
! \( q! Y* D# ?3 ]0 q) tThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update# | m& i2 r9 W* D6 Q$ c. V: V% ] l) a2 D3 A
of the Bank's outlook for the economy and inflation, including risks to the projection, will be; W0 W- \+ y6 X3 _* b
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！