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Bank of Canada increases overnight rate target to 1/2 per cent and re-establishes normal functioning of the overnight market1 l7 D# k5 K) \1 a" l% d3 q/ X. m
6 Q+ R# u% C0 d8 ^6 Q' pOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight& |# [3 u7 V- ]0 h( \# t
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
$ J6 G- N7 M9 f4 X! e0 j5 O/ Z! {raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal+ O7 X2 P0 }/ C4 g' v0 B
operating band of 50 basis points for the overnight rate.) E- c. _7 M) {! {
8 n# k6 I! K* WThe global economic recovery is proceeding but is increasingly uneven across countries, with
% k2 m Y! \" w4 Fstrong momentum in emerging market economies, some consolidation of the recovery in the" M8 h# O# {) x+ ?8 j& O
United States, Japan and other industrialized economies, and the possibility of renewed weakness$ d5 H% k, l5 O- }5 |% v% d/ v
in Europe. The required rebalancing of global growth has not yet materialized.% I9 H) V$ _6 }
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal
9 L1 t* C0 m& ?3 y; [% gstimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
1 W; S$ u4 U2 p, \variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
. v% U e, @/ n7 N8 q% Ain higher borrowing costs and more rapid tightening of fiscal policy in some countries - an: j, _" a z; l/ u3 i" k( ]
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the) g; _3 S _$ o, R
spillover into Canada from events in Europe has been limited to a modest fall in commodity
9 D( L1 n( h1 z; y8 D% pprices and some tightening of financial conditions.& O3 N6 |1 L9 g
3 | U4 o+ } W4 e( B& hActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent3 ~1 N% ^+ Q: k6 E( D' c; Z
in the first quarter, led by housing and consumer spending. Employment growth has resumed.
+ V% @0 M4 f+ o. O7 SGoing forward, household spending is expected to decelerate to a pace more consistent with( z' J" Z- A! N
income growth. The anticipated pickup in business investment will be important for a more% `1 ~/ ?1 @# \. }# v
balanced recovery.
/ w! X* ]9 A3 b" |
) u5 t2 H0 J& z2 G: @9 \CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects8 o0 I3 ~" q4 o
the combined influences of strong domestic demand, slowing wage growth, and overall excess# z1 |3 ], _' P, c5 M( m8 k/ q
supply.% w! E) _' {7 M9 x3 V5 ^
" C- [, I- L# H$ s( H
In this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and! q Q) I" F/ A$ a9 L' o D1 z# w* m
to re-establish the normal functioning of the overnight market. This decision still leaves considerable 0 N$ X9 c7 e* X9 z7 _) G+ p
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the ; W9 V3 W& X; F S; n, Q& T# X. {
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
& o ~) {4 Q+ K/ P
! y4 t* c1 Q1 q5 |7 EGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary( F/ Z+ f. I3 |$ Q
stimulus would have to be weighed carefully against domestic and global economic
, ]8 T6 v+ O: r. K& qdevelopments.
8 i9 |+ J/ S! V, \' i4 x. r4 l
7 u( o3 e2 F! x% q) X' rInformation note:
8 X7 ~+ s1 u* Q0 v. gThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
" { U* B9 U5 vof the Bank's outlook for the economy and inflation, including risks to the projection, will be1 a6 h5 v, S6 g* }+ [* I9 G# K/ M; u
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！