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Bank of Canada increases overnight rate target to 1/2 per cent and re-establishes normal functioning of the overnight market5 h9 }) T, d. Z4 ^! e: O% X) X* Q# G7 j
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OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
6 q$ p, o9 t+ {! B# _$ a! u/ [rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
; y6 {; B" D0 [# i, r5 mraised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal; v7 \9 J: d6 @" @, L& Y- e2 z
operating band of 50 basis points for the overnight rate.& g0 T4 W! H) @; D: B5 D
3 q$ V; b2 V; y2 G B) pThe global economic recovery is proceeding but is increasingly uneven across countries, with4 d$ x/ \" {7 S$ q+ o
strong momentum in emerging market economies, some consolidation of the recovery in the, a) ^/ ~- a9 ^; n
United States, Japan and other industrialized economies, and the possibility of renewed weakness
2 F% G" L# q3 q: L4 j; ~4 @in Europe. The required rebalancing of global growth has not yet materialized.
. f" G6 }3 F: {: L% NIn most advanced economies, the recovery remains heavily dependent on monetary and fiscal) q$ g$ G% r5 j {2 F
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the- A1 n2 k' ]' i0 o, ?
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result; q* t: I6 v; h8 w
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
, X6 ~& Y( g9 ]7 N" b- oimportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
3 `$ Z5 o# u: Ispillover into Canada from events in Europe has been limited to a modest fall in commodity
1 I2 h" E3 {6 nprices and some tightening of financial conditions.5 r" T' W, m4 P
, t+ t+ \4 W$ U+ P; LActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent/ N0 z% z1 l7 _* D
in the first quarter, led by housing and consumer spending. Employment growth has resumed.$ a& P5 {/ T4 ~# j: M+ S% L8 s6 n4 X
Going forward, household spending is expected to decelerate to a pace more consistent with
1 O8 ~5 D/ {" p; R7 A$ V, |income growth. The anticipated pickup in business investment will be important for a more: b; F; {' e7 |3 i
balanced recovery.0 {7 R' j( ^) x8 c& C5 L
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects2 ?) u* ^7 I+ b+ i
the combined influences of strong domestic demand, slowing wage growth, and overall excess
6 E+ @" M6 z3 |) k3 ksupply.
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6 Q+ }& }, v# l; G( s7 {$ |* e1 VIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and
8 ?9 Y' b e% @3 jto re-establish the normal functioning of the overnight market. This decision still leaves considerable 5 w+ X1 K: s8 j: {1 j1 N9 k
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
4 }8 h8 s3 g8 x. W. V% j! e Csignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
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+ I# k" b" e0 `, H4 H4 \. sGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary( P( u; u- a* G. a
stimulus would have to be weighed carefully against domestic and global economic) C. S: L, F4 t7 y, ^9 x3 @
developments.
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Information note:
$ R0 \! @% M0 X6 g8 EThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update3 A! f3 V6 @3 C8 ?& u ^# V2 W
of the Bank's outlook for the economy and inflation, including risks to the projection, will be
/ I0 A- C+ g" S6 Opublished 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！