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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- ]% v- f/ m: \
2 _8 e( |8 B$ I3 {. zOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight# x6 v5 _( w' f! l1 M4 c$ _2 I3 s
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
9 W$ ?9 w( ~& i" v) \) b8 Draised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal2 n( P( b8 J" F4 n( w0 k. U& K
operating band of 50 basis points for the overnight rate.
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The global economic recovery is proceeding but is increasingly uneven across countries, with
# J9 `, V% \8 [5 M: j& m$ W0 Nstrong momentum in emerging market economies, some consolidation of the recovery in the
+ X$ d# z( P: G v5 W/ ~United States, Japan and other industrialized economies, and the possibility of renewed weakness3 }! a% c$ P+ J! [+ ^ O4 X
in Europe. The required rebalancing of global growth has not yet materialized.
/ s! N T: h# RIn most advanced economies, the recovery remains heavily dependent on monetary and fiscal
5 y' h* b; v" L! [stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
; X% _+ p4 k# uvariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
& f4 V/ W% @2 k/ _) I' [0 U% ~in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an. ?) A9 N0 H8 Y; T! I& D
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
7 J w! u; U% ~/ B+ V+ n* U1 p8 {* rspillover into Canada from events in Europe has been limited to a modest fall in commodity( F4 b! u# c! T% b8 v. ` u
prices and some tightening of financial conditions.* Q v" b- n* e) ]6 ~9 A! K
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Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent" x. u. Z, F6 l
in the first quarter, led by housing and consumer spending. Employment growth has resumed.- T$ R, i- ?% D4 W$ j) t+ O5 U7 _* K
Going forward, household spending is expected to decelerate to a pace more consistent with$ k7 M+ F O" ~1 M) q; _# v
income growth. The anticipated pickup in business investment will be important for a more5 u Q% l- K7 K9 S1 Y+ u6 I( E5 x! N
balanced recovery.1 ~, y8 x2 @. H. V4 S; U. }8 t; Y
1 M/ [- {, }3 x+ DCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects! U" W2 C* g; ]% F
the combined influences of strong domestic demand, slowing wage growth, and overall excess) ~2 Q `$ N6 h7 g8 U3 j$ 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
9 Q8 X, `, p% w$ B& O) S wto re-establish the normal functioning of the overnight market. This decision still leaves considerable
1 z, p) [( @: S# H" }1 Hmonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the : F) b0 b/ U; e4 I
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.& M& A: P* m" V. Z
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Given the considerable uncertainty surrounding the outlook, any further reduction of monetary/ @! ^; K' s: I$ s: ]$ F2 u
stimulus would have to be weighed carefully against domestic and global economic) o; j. L T1 ~" F2 E( p6 e1 n
developments.
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Information note:
1 X8 Y1 v Q [4 B0 E2 GThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
9 h3 S, G$ t P( i+ w) Tof the Bank's outlook for the economy and inflation, including risks to the projection, will be
$ y/ l9 @8 B3 l4 O: J% Ipublished 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！