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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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# B; [9 j& ?" DOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight d6 n2 l8 I( Z; H( u
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
W: i7 e6 P. x+ U' x) G' araised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal3 }, W$ L w% r7 w& J3 i
operating band of 50 basis points for the overnight rate.. f4 g6 }3 S3 W: |9 k- d
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The global economic recovery is proceeding but is increasingly uneven across countries, with
" U0 \ ?# b; |0 T) [* V% F/ w- tstrong momentum in emerging market economies, some consolidation of the recovery in the
, T: b, S$ t& v( E$ x" sUnited States, Japan and other industrialized economies, and the possibility of renewed weakness
& B* T$ Z5 {% _6 fin Europe. The required rebalancing of global growth has not yet materialized./ Z9 c, z! C8 P( H$ G2 S
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal& z9 W1 N4 O0 m9 o/ |6 e9 A
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
2 i8 M" _- {% b3 Yvariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
: ^" Z+ H1 B, c9 F9 K# P- d& rin higher borrowing costs and more rapid tightening of fiscal policy in some countries - an9 S- m+ M" d0 N+ L# p
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the+ p3 t" X" L2 f' x9 v* z( ]' T* W( e; A
spillover into Canada from events in Europe has been limited to a modest fall in commodity: {7 }6 M. w* n
prices and some tightening of financial conditions.
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Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent6 u; p, R" F" `" H# G) H( c7 E
in the first quarter, led by housing and consumer spending. Employment growth has resumed.
3 `( [1 C% V) qGoing forward, household spending is expected to decelerate to a pace more consistent with8 w2 r! C' Y$ ~" W1 N, k$ t
income growth. The anticipated pickup in business investment will be important for a more1 S2 T( {2 r! I
balanced recovery.
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5 E2 g1 B4 l% k$ F5 a/ i9 ~CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects. X5 k3 `0 D* k% V
the combined influences of strong domestic demand, slowing wage growth, and overall excess/ G! @, F3 ~" X6 ]- @
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 and4 U" [) a M5 @7 W
to re-establish the normal functioning of the overnight market. This decision still leaves considerable 2 A* z, X$ i# M6 ^0 N# h
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the ; u% |( D' ]' {
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.2 j& [4 ^. K+ f1 J4 X& h2 [( a0 N
6 B; p" c: o2 mGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary
7 N; n+ q0 ^5 H6 s# T5 R0 Rstimulus would have to be weighed carefully against domestic and global economic8 T* [$ X |& q3 l% j* ~
developments.
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# m9 a4 Y3 {8 t; a$ h' [Information note:7 L9 b; g2 B5 u! a( O/ l" _0 p+ a
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
: w8 g: H- \, @1 H6 \- ^# p! h3 R2 s: Tof the Bank's outlook for the economy and inflation, including risks to the projection, will be5 o! P# w3 s( C" D& d7 |
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！