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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& `9 a/ W6 h$ Z) F0 Q* f% F Y
! C0 n8 E2 L1 O: QOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
, V0 K& A2 G0 ~0 P5 k! Frate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly: A; n- c- d s$ `
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal5 F3 x5 |( O. m2 d- G A5 I
operating band of 50 basis points for the overnight rate.. p' u2 ]2 Y+ Z+ p. e
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The global economic recovery is proceeding but is increasingly uneven across countries, with
" j6 V. y6 r9 K$ _9 V' {strong momentum in emerging market economies, some consolidation of the recovery in the# e0 Y9 {& S$ k0 d( l; }0 E* T
United States, Japan and other industrialized economies, and the possibility of renewed weakness! `0 o: q) Y9 _& A; T3 ~, L
in Europe. The required rebalancing of global growth has not yet materialized.2 B2 ]# \2 Z5 [$ _: U( J
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal
/ v) H2 o+ X( c* o+ \1 ~$ i9 {) H: Fstimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
3 S% f) \8 h8 Evariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result5 S9 S9 |6 b1 ]
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
6 k* ~9 ~3 c$ Q# Simportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the# G& l3 i+ p, w: A. `/ P; O
spillover into Canada from events in Europe has been limited to a modest fall in commodity
- w6 y" e4 q: |- Uprices and some tightening of financial conditions.! u c' v' C; t* Z
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Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent$ M0 O; y( `- Y* G! c3 ^7 t$ L
in the first quarter, led by housing and consumer spending. Employment growth has resumed.
1 d* j P: s5 [/ K3 ~& r, L/ ?, ZGoing forward, household spending is expected to decelerate to a pace more consistent with
( E* r- e; a9 `1 @$ u8 Bincome growth. The anticipated pickup in business investment will be important for a more5 F8 h+ L- r; P* K5 s! @; o& l
balanced recovery.; v1 i& }& p) L
' W! E% Y7 t2 wCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
+ I6 E2 o( R B+ r s$ ~; @! S; Ythe combined influences of strong domestic demand, slowing wage growth, and overall excess/ s: C* \6 k: D
supply.
2 o- o: U5 H' \. T0 m+ S) o$ m0 `' D0 z9 O% J3 G) `4 M
In this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and
4 k9 A& c/ y( s# f9 M, j5 jto re-establish the normal functioning of the overnight market. This decision still leaves considerable 9 {: @0 C# }) O$ j& s R
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
2 U4 W2 ]7 c6 M& {$ `/ `& ?! m8 b# ^1 ]significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
& ^* ^! d8 c2 z3 J9 b0 h, Q) b' i
+ g2 B2 \( a/ B9 ~& GGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary
( Q4 ^1 a3 Y$ b) N% V/ h) Istimulus would have to be weighed carefully against domestic and global economic9 s( k: v3 h- c) O
developments.% ~, W1 _2 F: m# c- K: y9 k
8 e9 c: c' U+ SInformation note:
1 q& ]# b1 X! @# T J/ g5 rThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update1 r& X' R; u" M& B
of the Bank's outlook for the economy and inflation, including risks to the projection, will be- B; c2 x, z& E' I
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！