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Bank of Canada increases overnight rate target to 1/2 per cent and re-establishes normal functioning of the overnight market4 {. x- N( i4 u5 F, _6 E3 Y
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OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
; q# ]6 O" g9 ?- T$ R, \/ Z3 trate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
2 y( u1 y/ U! jraised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal$ h$ n A J! R7 w$ |
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
$ Q8 j1 J% {: \8 B( U' D% Qstrong momentum in emerging market economies, some consolidation of the recovery in the
" A: E( x) [3 SUnited States, Japan and other industrialized economies, and the possibility of renewed weakness' w0 i- ~; A- L/ A6 c
in Europe. The required rebalancing of global growth has not yet materialized.9 D( p9 g2 d+ }6 T' b" {+ g% w
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal7 R1 C6 i2 k+ r( l- ^% {, E
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
. p F0 J- m p0 ]8 L5 x( q' S Uvariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result5 d$ L/ b5 C% \/ v' k. t/ k
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
# h5 @+ n) s, N5 \- pimportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the3 S' i! H- u4 }8 J4 V# |
spillover into Canada from events in Europe has been limited to a modest fall in commodity
9 s- I5 T: z- s+ g( @3 fprices and some tightening of financial conditions., T* M1 c. P6 a* D3 b
5 m8 E6 G! H* BActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent* H. G* d, i( q; x
in the first quarter, led by housing and consumer spending. Employment growth has resumed.
! t4 N7 R. B" }* Z* } D, m* r3 JGoing forward, household spending is expected to decelerate to a pace more consistent with
5 d& G2 D1 c6 i h2 ^6 E0 d* H, \income growth. The anticipated pickup in business investment will be important for a more+ q- P, P( I$ v4 @. Y2 C
balanced recovery.
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects* S- j, d. P) X; Y( S: w+ V
the combined influences of strong domestic demand, slowing wage growth, and overall excess' F3 O+ t% c9 h. H! n% Q; [
supply.2 b! P; C7 @4 l' }! ^; w
- M5 d, K- L! l M' V- CIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and/ ]! e/ y' m7 q! l
to re-establish the normal functioning of the overnight market. This decision still leaves considerable % j# k. A& u! Z3 c) u R/ P' i
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the : Q' a4 ?) |; |2 w6 b! {
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.8 t2 d2 y/ }* p4 l2 H
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Given the considerable uncertainty surrounding the outlook, any further reduction of monetary \# b" C6 j# m9 P+ [
stimulus would have to be weighed carefully against domestic and global economic
- C1 s8 Z. ?1 }+ X( Y+ l: tdevelopments.
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Information note:
/ x: N( _% D/ t+ b0 gThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
. c# |+ h" F; h2 D1 sof the Bank's outlook for the economy and inflation, including risks to the projection, will be
+ w8 r2 b" ^7 h, qpublished 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！