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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+ _( w& z3 V# G, H7 t- ]2 T
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OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight- u9 W+ Z& J: {$ O& V
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
: y4 G+ T6 b4 @: v3 _1 Qraised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal$ _/ ?3 Y; p) Z d8 u0 o! w
operating band of 50 basis points for the overnight rate.1 Q [" t1 E9 P2 T5 b. z2 I0 d* H* V
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The global economic recovery is proceeding but is increasingly uneven across countries, with% D4 i0 P6 w* X9 D
strong momentum in emerging market economies, some consolidation of the recovery in the+ C/ p" r, X' o& x
United States, Japan and other industrialized economies, and the possibility of renewed weakness- q) n* t v! n+ q& M& S
in Europe. The required rebalancing of global growth has not yet materialized.+ U9 m) o! I2 I
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal, i- k4 W; n/ {! z$ \. {4 i2 N
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the! |$ h# h) k2 {* @
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result( `' H. O: c) D2 x1 X' J: U1 O
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
q: F: R ?9 {8 G7 L2 ^* d, Cimportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the$ h4 p+ h) b/ [, P, W$ @/ y7 `' E
spillover into Canada from events in Europe has been limited to a modest fall in commodity
0 d/ w5 V; v% `! c7 ]8 _+ tprices and some tightening of financial conditions.2 v" M( n6 c" C3 u
# }* T* o3 X1 ?* _2 y$ w/ K' W2 sActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent- ~# l w. w( Y9 [3 a9 e6 f/ }
in the first quarter, led by housing and consumer spending. Employment growth has resumed.! v( [6 F/ u8 I, I# F
Going forward, household spending is expected to decelerate to a pace more consistent with T1 `9 Z8 n* k. U9 Q- |
income growth. The anticipated pickup in business investment will be important for a more! j* V1 g0 v1 `
balanced recovery./ t7 @; s) v# b# Y
/ S( Q* T @9 m3 I3 H: K7 oCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects5 K: B* @- Z5 E6 n, M- Q
the combined influences of strong domestic demand, slowing wage growth, and overall excess
% [: u v, q9 Csupply.
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T1 |6 w: ?* D: B9 M! nIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and3 z6 N' F8 b3 ~2 J2 |, V$ D4 V# p
to re-establish the normal functioning of the overnight market. This decision still leaves considerable $ l5 p) w9 i8 u/ L# Z7 N8 b
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
7 c& u' [' h* L( g' g+ x5 Z4 Z* Csignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery., k# i/ c* D8 K# A' }& e# [5 c0 a
A, Z, b% _ j5 A7 y+ C2 UGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary, N. b% q, }& s1 ~. v+ g
stimulus would have to be weighed carefully against domestic and global economic
8 ~* j! q" K- S- X, qdevelopments.
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6 y4 V$ j" b7 JInformation note:" B Y4 ^- ^$ v' z1 x+ _. J- c
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
- C" g6 |/ I4 Y( E: A" Tof the Bank's outlook for the economy and inflation, including risks to the projection, will be
9 o" T q6 U! T8 q( ?9 Q* Ppublished 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！