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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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OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight% ?7 F9 j% `1 [ x
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
$ p' M7 `8 g3 V) n' x3 @# Iraised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
5 J8 I$ ~# p! F7 e, r7 [operating band of 50 basis points for the overnight rate.
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! B0 f4 k- [5 [! W9 YThe global economic recovery is proceeding but is increasingly uneven across countries, with" G7 F. Q+ F0 Y# Z# m$ q T0 Y2 C
strong momentum in emerging market economies, some consolidation of the recovery in the
3 ?+ y' |/ H9 Y8 wUnited States, Japan and other industrialized economies, and the possibility of renewed weakness* [% S( u; f Y9 k! B- q3 m$ w& L/ y& s
in Europe. The required rebalancing of global growth has not yet materialized.3 q/ d: y4 L- C: ^
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal
1 S( R5 ?1 _" k6 X9 f" u) ]stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the" x8 b0 g2 ?2 j" b" Z1 g5 k
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
) P/ p6 h `% hin higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
4 M8 _+ R; H$ E5 f) `! A6 jimportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the: O; |7 p# T+ L$ i
spillover into Canada from events in Europe has been limited to a modest fall in commodity
) M ?& v* \1 q3 P/ Yprices and some tightening of financial conditions.
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Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
. j& u7 ~' g. a6 M5 nin the first quarter, led by housing and consumer spending. Employment growth has resumed.
$ i6 D# C" h, B( [/ e+ k5 V" HGoing forward, household spending is expected to decelerate to a pace more consistent with
- K& _. q& ]" _: Gincome growth. The anticipated pickup in business investment will be important for a more
1 ]6 [+ V8 b1 u$ M. c3 xbalanced recovery.
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects% p) H( ?1 s2 H# U7 Z2 ^; w
the combined influences of strong domestic demand, slowing wage growth, and overall excess8 K* S* i c8 o& D
supply.
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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
9 Q5 h' ~& Z* X' g- Gto re-establish the normal functioning of the overnight market. This decision still leaves considerable
* b) y: K8 W; U; Lmonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
9 B4 L9 k: o' Z1 r$ g; Csignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.& Z7 m" P' d+ u; }/ g/ e; x: g: [ `
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Given the considerable uncertainty surrounding the outlook, any further reduction of monetary
0 Y4 P8 Y6 _7 x( l* L$ X1 Ostimulus would have to be weighed carefully against domestic and global economic* y" ^3 S% e1 H: X9 a4 k6 J( Q
developments.2 M/ H+ m0 c- {" I: Q
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Information note:" I: c) u5 K7 K: {
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
1 i1 A6 f, X6 E4 |1 e$ Zof the Bank's outlook for the economy and inflation, including risks to the projection, will be! a% R. j+ g; e) _
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！