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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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' g1 k6 ^$ i* m" oOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight$ t& A* B3 l: h1 a$ v1 f4 y
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly( y, s# D% |2 v3 _7 I. e
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal" Z; G0 e7 c5 j9 n d2 V# C# X
operating band of 50 basis points for the overnight rate.
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; t" T! C& E; c# E- TThe global economic recovery is proceeding but is increasingly uneven across countries, with
$ I& E, v7 d1 V' Qstrong momentum in emerging market economies, some consolidation of the recovery in the7 ?. I+ @) s2 ]
United States, Japan and other industrialized economies, and the possibility of renewed weakness
" ?- W. U% k2 v2 M2 ?+ e0 ~in Europe. The required rebalancing of global growth has not yet materialized.+ e$ A* U# O" _2 F5 R% k7 _) `" Q2 U
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal
; v8 u& i& r, a7 t2 O0 |stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the' b$ [! l+ w6 ]; o
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
0 Z& k) S; o$ @4 ^ Rin higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
- p* f: ?$ [' @important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
! \) i$ @3 u! j& p, Z8 dspillover into Canada from events in Europe has been limited to a modest fall in commodity/ d4 j/ n# u# n" u+ k! {3 W) G+ H
prices and some tightening of financial conditions.
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$ H+ W! E3 a" x7 O1 d+ bActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent- J! M/ r6 Z) G3 O1 @" O. c. U
in the first quarter, led by housing and consumer spending. Employment growth has resumed.
( ~, z8 b G0 p1 H* ^/ B5 j: C3 o UGoing forward, household spending is expected to decelerate to a pace more consistent with
$ Q0 ~: r8 x6 g/ L9 Rincome growth. The anticipated pickup in business investment will be important for a more4 @& X& ]% X3 O9 j# Y) o) M$ l
balanced recovery." O9 a- d3 s- K7 G- x
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects6 ]$ T/ }- I1 z2 R
the combined influences of strong domestic demand, slowing wage growth, and overall excess
: }$ ~# V* I; a: a2 ysupply.
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In this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and1 r) H8 |! ~/ F0 v5 f9 Y+ ~% A5 ^: t
to re-establish the normal functioning of the overnight market. This decision still leaves considerable + G! q# Y5 H: I: I. A
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the & f' v1 w* w, s* b
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.9 L' S- f4 [* u j& w$ o7 j3 h9 M) K" ]
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Given the considerable uncertainty surrounding the outlook, any further reduction of monetary
) X2 R0 ]2 W# d4 lstimulus would have to be weighed carefully against domestic and global economic
( S' s" W- U5 I; i# q2 Ddevelopments.
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, G0 h- y. p. ?. K% ]; r8 d2 |Information note:" z9 A9 [% s8 Q0 Z
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
# T) v; i& Q- b4 E8 u' P; q7 Wof the Bank's outlook for the economy and inflation, including risks to the projection, will be) t1 c! K' m! f/ r% b) b4 L0 }% ]/ T
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！