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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
- N- g# U, e7 j- c" V* Xrate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
7 Z2 I3 ^$ p# K9 ~) F: ]raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
: P0 w/ x) ^" `- ?. R# q( h" soperating band of 50 basis points for the overnight rate. |9 X3 L: q; l7 U; j K8 n
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The global economic recovery is proceeding but is increasingly uneven across countries, with
8 ?) k0 r. C7 G, j- x3 Mstrong momentum in emerging market economies, some consolidation of the recovery in the
( D+ E7 ~! q1 QUnited States, Japan and other industrialized economies, and the possibility of renewed weakness0 M" r' f+ f# _1 W
in Europe. The required rebalancing of global growth has not yet materialized.
5 _# M( b2 y3 L. aIn most advanced economies, the recovery remains heavily dependent on monetary and fiscal
% Q& d5 {) g2 P% m3 m. U9 dstimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
# j5 B$ e1 v( @variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
* n; c/ t6 G! D5 k! _! t Zin higher borrowing costs and more rapid tightening of fiscal policy in some countries - an0 a6 p% ~& A) |" O; O( c1 R
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
* u9 S4 l6 O* [spillover into Canada from events in Europe has been limited to a modest fall in commodity
& Q5 }0 N. m C w D# ?prices and some tightening of financial conditions.6 g9 T! A1 b, `" w2 [: T/ Y
b: Q9 f2 l' h) I1 d& iActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
4 ^! b( w: T; Qin the first quarter, led by housing and consumer spending. Employment growth has resumed.
5 x+ z8 C0 W2 J gGoing forward, household spending is expected to decelerate to a pace more consistent with
( v0 |6 Z" _3 ~+ }$ m% {( e" W# jincome growth. The anticipated pickup in business investment will be important for a more
9 H. @5 \3 u _* O1 A8 p: lbalanced recovery.
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4 l! ~$ X5 K/ ACPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
6 k5 n$ M/ T$ c; |the combined influences of strong domestic demand, slowing wage growth, and overall excess2 P! {% R/ w& f: L. z' n$ O
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 and8 e2 f) K4 i+ E6 I8 S- A+ Y
to re-establish the normal functioning of the overnight market. This decision still leaves considerable ' |* n0 d6 L0 Y3 P0 p
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the i. Y2 ]$ L; P8 c: c+ k+ R4 H% L
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.% F; N! b8 Z, i5 m; b
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Given the considerable uncertainty surrounding the outlook, any further reduction of monetary, m9 r: K$ J& v# A/ d
stimulus would have to be weighed carefully against domestic and global economic) E+ ^% B9 z& q" b0 G# D {" T: R* v
developments.: m4 [+ ]2 M* a# v9 t
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Information note:
* t7 O$ j% q6 m0 a8 QThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
8 ~: {9 n6 M8 Q Pof the Bank's outlook for the economy and inflation, including risks to the projection, will be
8 t! |0 \2 G" ~7 r* q1 ?5 x/ ]. {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！