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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' n! z% P" N$ Q3 I: O
* R4 Z) Q& d+ V$ zOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
, `; r- w+ X; x, `* L1 krate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
, |/ o8 F# N; o2 [2 l, s$ I5 Kraised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal+ \4 H6 r7 y$ e
operating band of 50 basis points for the overnight rate.5 `8 O, H7 G$ p
, O- t" z% C2 A' l! ?+ d& ?The global economic recovery is proceeding but is increasingly uneven across countries, with
. W" q0 I. Z8 ~- u! L( i" Dstrong momentum in emerging market economies, some consolidation of the recovery in the& N1 E& q7 E6 x9 O3 [& L
United States, Japan and other industrialized economies, and the possibility of renewed weakness, q% k: t% x+ A' V9 C% u# h$ i
in Europe. The required rebalancing of global growth has not yet materialized." C" E6 G# Z! t9 Z( V7 e3 b- R
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal. k& k. o6 e3 w2 B% w: _8 m, I k1 V1 f
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
! z0 m% C8 d/ Mvariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result. X! G+ d% f! O0 \+ x) p
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an7 J n9 P! |4 ]9 d5 X, n5 ^6 D
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
2 s: ]( h2 _+ f+ \5 S5 ~! M k! [7 Rspillover into Canada from events in Europe has been limited to a modest fall in commodity
. K' ~9 k. J5 C) N! E7 @prices 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
. Y. O3 T% \/ I/ o% I5 Z! min the first quarter, led by housing and consumer spending. Employment growth has resumed.
4 S$ [2 y. T }0 f% U- j2 s. X7 qGoing forward, household spending is expected to decelerate to a pace more consistent with/ |8 N2 A9 o2 K0 i3 Y
income growth. The anticipated pickup in business investment will be important for a more
# e: j1 l6 N$ Q2 Gbalanced recovery.
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
) Z9 ^. E* s2 q) d) ^& H9 hthe combined influences of strong domestic demand, slowing wage growth, and overall excess
+ s: \. x; e8 a$ `! p" v+ Zsupply.9 v; s0 h! ~- E5 X8 K
) e/ L, G* `+ ]0 W8 V( Q& e8 {
In this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and* [+ ]% ]5 c9 Z* u# Q
to re-establish the normal functioning of the overnight market. This decision still leaves considerable 0 _, k, x4 }$ N [6 z8 M
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the / P7 p% E$ h: |$ N
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.7 Z4 P' Y, o4 d6 V
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Given the considerable uncertainty surrounding the outlook, any further reduction of monetary+ E/ g$ V5 K6 @2 C# _# k
stimulus would have to be weighed carefully against domestic and global economic. t! ]. q7 N# d- O
developments.
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7 V& O9 ]* F, X* `* jInformation note:
. g& b& l* n3 M) ^The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update8 z" a' V6 q3 C& I5 y
of the Bank's outlook for the economy and inflation, including risks to the projection, will be
! R; p* K, v: Npublished 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！