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Bank of Canada increases overnight rate target to 1/2 per cent and re-establishes normal functioning of the overnight market1 _1 A I0 J# T- U
( q% m2 @1 z5 F" S% p N7 vOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight: }- u; b+ ~# r' k$ a( \+ h% i
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly: t4 e1 z w. v, S P. N9 P
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal$ c; Q& V& [) G; h; L, E+ n
operating band of 50 basis points for the overnight rate.
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The global economic recovery is proceeding but is increasingly uneven across countries, with. x7 i) Q. A! y. ]( k
strong momentum in emerging market economies, some consolidation of the recovery in the8 J$ c! A1 G" E, N" f4 s' I
United States, Japan and other industrialized economies, and the possibility of renewed weakness8 W7 q' K% L' S, L1 Q% V2 k
in Europe. The required rebalancing of global growth has not yet materialized.4 m; Q) ^& y% _8 i: M7 J
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal0 H! x# i) d$ S& A8 ?, S& `2 T
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the# p4 C% ]; @6 i" ^8 p
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
7 F7 |8 P9 w( @in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an/ i" T0 L3 g$ B* A, o3 Q/ k0 Z
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the8 [: O9 s" X- c0 J6 ?% Q9 X+ e; g
spillover into Canada from events in Europe has been limited to a modest fall in commodity
3 H7 ?% N$ G) B# d5 D. q! v) Dprices and some tightening of financial conditions.9 E$ f: P0 ^% J& x# P+ m3 [
6 i" H7 y/ k# w Q( Z P6 l U2 OActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent4 z2 F% M" _3 D! T: ^6 g8 a
in the first quarter, led by housing and consumer spending. Employment growth has resumed.
+ Q6 d/ N: D; W1 j$ L/ VGoing forward, household spending is expected to decelerate to a pace more consistent with
, n5 G8 d! P1 P/ _! Wincome growth. The anticipated pickup in business investment will be important for a more0 \9 _4 m6 B% i- W+ k
balanced recovery. o. N- A5 Z/ E0 U
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects) n/ d# `; R* t& Z6 ^5 }
the combined influences of strong domestic demand, slowing wage growth, and overall excess% P" ~2 b" S5 N) Z) t7 K# |
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
$ n2 v# o; [2 n$ V. \. X5 Rto re-establish the normal functioning of the overnight market. This decision still leaves considerable
* p6 t$ O8 M( t1 n7 ]! r emonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
4 @: ?' V; G2 G* Rsignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.' A; x; ^- c( s$ f+ G1 w/ i
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Given the considerable uncertainty surrounding the outlook, any further reduction of monetary
! y4 ~- `( Y% Astimulus would have to be weighed carefully against domestic and global economic
! S" ?6 d7 r( h! Zdevelopments., Q$ y* M/ U* y5 K* v" h& Z
5 f2 W; F) P4 i9 ?+ SInformation note:! J7 i5 a5 z( O3 G
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
4 D+ Q6 M" P8 I7 Z: y* ?of the Bank's outlook for the economy and inflation, including risks to the projection, will be
' J0 _4 L& A! f: ?) V' Fpublished 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！