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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; I7 m6 V. i5 d, Q e6 {
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OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight# S5 T" y a: v( j7 v7 \. N
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly8 Q# U: S( ?; a
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
: F" T( L3 I1 f3 v8 E% }( Moperating band of 50 basis points for the overnight rate.
. L3 G1 A9 ^& I; }: @/ Y( ~2 ]
$ |# k* P2 f! JThe global economic recovery is proceeding but is increasingly uneven across countries, with
* T" n4 f5 Y: ]4 Q6 Gstrong momentum in emerging market economies, some consolidation of the recovery in the: W1 I- z* h# {% C. y0 c+ ?
United States, Japan and other industrialized economies, and the possibility of renewed weakness3 P5 M/ c+ z' J1 W! S [4 `
in Europe. The required rebalancing of global growth has not yet materialized.$ T4 f2 }+ U0 }4 b3 W, Q l% H7 K) W
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal
$ M9 n( }8 Z/ u% w" K/ e Cstimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
; K2 C/ S, l* L S0 L. Qvariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result* h# Q# R4 ?/ z" _0 M; z
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an7 ~* M' t- |: |( y0 h
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
% ]7 \4 N/ A1 R: i/ qspillover into Canada from events in Europe has been limited to a modest fall in commodity# m/ A; W# n: x) a# H+ q* p
prices and some tightening of financial conditions.' U5 S" k+ r G" Q. T# w" h% V3 n! V
8 Q" V% n/ T, \Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent5 c# [) Q9 U S* f/ g7 o0 X
in the first quarter, led by housing and consumer spending. Employment growth has resumed.
C. ]5 Z; b2 i2 Y$ _* @" j/ |Going forward, household spending is expected to decelerate to a pace more consistent with
* p# l8 B- Q8 q5 z3 z$ [income growth. The anticipated pickup in business investment will be important for a more" j' c& z \6 ]0 l
balanced recovery.
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
$ S2 Y6 q$ v3 v; ?the combined influences of strong domestic demand, slowing wage growth, and overall excess3 g) J2 j, b, k1 {
supply.
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. H; Z' v% h+ s6 I" K# J/ T! x7 ^In this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and
% X/ P& J6 W& S$ g* @to re-establish the normal functioning of the overnight market. This decision still leaves considerable
6 K1 b; B( ?8 U$ Bmonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
, d" @0 x7 q. s- zsignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery., ~$ n# z2 I( `( ?; ]; v) {' J
2 [# m4 z6 U+ b8 J
Given the considerable uncertainty surrounding the outlook, any further reduction of monetary8 {6 p3 J4 }4 |' b
stimulus would have to be weighed carefully against domestic and global economic
% n, n8 A! _( \7 D. y! w4 A/ U& J2 Ydevelopments.1 F1 D6 O. n; m
8 M# o/ H* L0 z! [5 K1 Z, oInformation note:
' e, k" G! w L3 I3 W: D+ b; a: Y- jThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update \6 @3 u8 z) T% t3 m7 q
of the Bank's outlook for the economy and inflation, including risks to the projection, will be; R2 x5 a! y4 u' M2 d
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！