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Bank of Canada increases overnight rate target to 1/2 per cent and re-establishes normal functioning of the overnight market3 a7 m' G( e F% i% w' o8 P
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OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
) t$ M8 l; s; _rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
9 |# k; |& J e1 p4 b Craised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal3 N0 b: r2 u. C" `* w5 v' ?! W
operating band of 50 basis points for the overnight rate.9 |" c+ O; ]4 P9 Y* O
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The global economic recovery is proceeding but is increasingly uneven across countries, with* W- k- ^% d( u$ {7 w- y6 x
strong momentum in emerging market economies, some consolidation of the recovery in the
. X. _. D2 q( W1 ^1 r0 sUnited States, Japan and other industrialized economies, and the possibility of renewed weakness x N/ ~6 B2 r0 F# S- d
in Europe. The required rebalancing of global growth has not yet materialized.
* p! \# N! G8 C. a' N/ WIn most advanced economies, the recovery remains heavily dependent on monetary and fiscal
; p2 ]( s$ I( B( {/ ostimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
& S) i/ n c9 Kvariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
5 O: ~1 _) s2 R2 Qin higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
9 \6 J3 u( i; bimportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
) m6 k$ ?2 X" Bspillover into Canada from events in Europe has been limited to a modest fall in commodity2 f& K, |3 [% c2 n" S7 H
prices and some tightening of financial conditions.
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7 ^3 f: _* B2 ~) D% f: eActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
* z6 M, t8 z9 r" }in the first quarter, led by housing and consumer spending. Employment growth has resumed./ G2 K8 C Q n! S, P7 o M5 j
Going forward, household spending is expected to decelerate to a pace more consistent with' A8 `" ?0 C; n& v- ?
income growth. The anticipated pickup in business investment will be important for a more
' _3 z' r0 Z; [2 v7 |balanced recovery.' u# W7 b. U; s3 Y0 D- r4 c1 y0 J. v" S
! Y7 T I; d1 g* A4 m2 KCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
: _9 T( q8 K4 L" K- Ithe combined influences of strong domestic demand, slowing wage growth, and overall excess/ i: X/ ] e' y' T, ^
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" {+ @% F* j% }: p
to re-establish the normal functioning of the overnight market. This decision still leaves considerable ; e3 S' V( f1 {, l0 o
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
& o+ K7 V$ d7 e, x0 H: t2 z2 Csignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.% M$ ? e8 n7 i1 K
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Given the considerable uncertainty surrounding the outlook, any further reduction of monetary( x1 D0 W1 }4 P
stimulus would have to be weighed carefully against domestic and global economic
+ L) J- G9 N5 \developments.
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Information note:
* G$ p" I( Y( U9 P% H% ?- jThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update) O8 T! ^. V6 B2 k
of the Bank's outlook for the economy and inflation, including risks to the projection, will be
: z: q) v9 C3 n4 @7 M# j9 xpublished 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！
