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Bank of Canada increases overnight rate target to 1/2 per cent and re-establishes normal functioning of the overnight market9 Z- Y* [6 n, F9 a8 {/ b. r
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OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight# u }" a' k6 ]; Y7 M4 t
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
) |1 Y% O) }3 p3 f9 X% r4 A7 x* jraised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal& \# G4 e1 W% g; ?. Q& A; f
operating band of 50 basis points for the overnight rate.% d9 @$ Z5 A) [; g+ ^
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The global economic recovery is proceeding but is increasingly uneven across countries, with
9 Z. U: u: {- A2 x! tstrong momentum in emerging market economies, some consolidation of the recovery in the
' f: E- W$ l. p" ], a" }: X* [United States, Japan and other industrialized economies, and the possibility of renewed weakness
( v: I7 `" g( H, Q6 Z3 Tin Europe. The required rebalancing of global growth has not yet materialized.
% k+ h! v4 W: [. Y5 RIn most advanced economies, the recovery remains heavily dependent on monetary and fiscal$ i! ?4 V ]6 i2 `7 [9 q4 d% k) _9 M( j
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the9 }1 W0 a% A. J4 r
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result4 b& w: }3 c# w
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an k& ]9 ~& M, D$ j
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
0 k- Y' [: w+ ?8 n* q4 A8 q5 \$ Jspillover into Canada from events in Europe has been limited to a modest fall in commodity
% i' z, `" |5 s: r5 qprices and some tightening of financial conditions.
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7 Q2 h* I! Y# C$ {Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent" W( s5 R8 d2 k
in the first quarter, led by housing and consumer spending. Employment growth has resumed.9 X. V2 R: o9 B" R, w6 }+ O
Going forward, household spending is expected to decelerate to a pace more consistent with+ L& C+ w+ w" z0 S
income growth. The anticipated pickup in business investment will be important for a more/ t- Y& u& X8 B7 \. v
balanced recovery.
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& D K: S, v1 N% R! t: k# BCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
3 s+ h' E% b( O+ Y# U7 W5 s$ ~+ c, ythe combined influences of strong domestic demand, slowing wage growth, and overall excess
4 U8 L B. M0 {1 e7 p5 L! K9 Q: Wsupply.
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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. v: H9 y% o3 n/ c( r" ^0 [
to re-establish the normal functioning of the overnight market. This decision still leaves considerable
5 J9 t0 a) F: x4 W1 W! C3 omonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
& P5 {- b3 Z7 }0 C- M) ^" Y& isignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.6 _8 C8 g- o1 L# s
' R0 ^% k' V L& F# o' L, d! LGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary5 H3 k, f8 x$ z* a$ d" c; K+ p
stimulus would have to be weighed carefully against domestic and global economic4 x, g% J4 L% C& V0 T0 U
developments.
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Information note:
$ e+ C# Q# Q/ @The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update/ u: i( P1 H/ d
of the Bank's outlook for the economy and inflation, including risks to the projection, will be
$ P1 O. S; a, m3 lpublished in the MPR on 22 July 2010. |
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狗仔卡
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！
