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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# y; v" [: r% P# ` S; d
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OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
' b! a9 _9 ] m3 s: ], i S- ], Erate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly. g" j7 U4 E7 I$ r8 i( X- M. s
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
8 X8 K; r6 ~/ z5 t% E G! r" l$ ooperating band of 50 basis points for the overnight rate.
$ Z6 R: ?9 \! ]% x1 s& W0 `% x& T# ]. B
, ]8 l$ m7 H. p1 Z3 U& |The global economic recovery is proceeding but is increasingly uneven across countries, with
5 J8 u' n- P& X6 Bstrong momentum in emerging market economies, some consolidation of the recovery in the
& D5 J# H! c, H2 \0 oUnited States, Japan and other industrialized economies, and the possibility of renewed weakness
3 w' }8 V2 E9 p; Tin Europe. The required rebalancing of global growth has not yet materialized.
* R+ Z" i( B. m$ JIn most advanced economies, the recovery remains heavily dependent on monetary and fiscal: H# y1 o) X2 |
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
+ g g+ j5 z- }5 qvariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result. D0 T( [3 p8 O; [
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
. p9 L! N* _$ l- V. P/ Simportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
0 N8 y$ m; R& z# o* _8 e) Z* E! m! Xspillover into Canada from events in Europe has been limited to a modest fall in commodity
! i8 n! z g6 W: l5 h& O3 p8 e/ uprices and some tightening of financial conditions.
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% @, Y. ]% t5 B. qActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent/ r, H0 g5 \+ |3 L7 u! E
in the first quarter, led by housing and consumer spending. Employment growth has resumed.
: w- d- N2 B% ], dGoing forward, household spending is expected to decelerate to a pace more consistent with+ T& O& ^* @2 _% P
income growth. The anticipated pickup in business investment will be important for a more( X1 q4 @& ]# ?$ C
balanced recovery.0 m: v7 |6 o9 ^0 B1 H
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects# u) z- y/ E0 v& D3 H' A# l
the combined influences of strong domestic demand, slowing wage growth, and overall excess
7 L' y. g+ x: e* Osupply.. ~% _4 Z3 i! `9 X" n: \7 s G
% w, c4 @% T, N' j9 VIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and9 q, B& r( ^# q+ }' v7 V, O
to re-establish the normal functioning of the overnight market. This decision still leaves considerable
, h- E: c( [+ z8 D5 Lmonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
& {1 J' P3 h# ~: r3 C& Dsignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
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; l i o" N3 f9 ?+ ?4 UGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary
' d4 |5 K) ]4 `8 n7 [ |stimulus would have to be weighed carefully against domestic and global economic+ D7 x9 H) {" I7 @; j
developments.2 q8 w/ v- L+ D* c$ d+ v3 o0 i
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Information note:% i8 I: J9 G4 F# [' [0 I& U" G9 U
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
1 d/ p! `) e' J- D3 yof the Bank's outlook for the economy and inflation, including risks to the projection, will be# E. n* V' M" v
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！