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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 T# H9 N0 ?' |; A+ J$ a z
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
! L9 T& \6 F6 M) O4 D2 \raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal+ w# R) _/ V$ e& T4 k) R0 p
operating band of 50 basis points for the overnight rate.1 S. L: j M+ R" [; t; ]
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The global economic recovery is proceeding but is increasingly uneven across countries, with
) d2 _- r9 Q9 P) Kstrong momentum in emerging market economies, some consolidation of the recovery in the
) z+ y4 s7 w$ O3 O" p7 A" ?) M N# zUnited States, Japan and other industrialized economies, and the possibility of renewed weakness
: J0 u$ a3 X# s5 g' m0 d, Kin Europe. The required rebalancing of global growth has not yet materialized.* n6 ~1 E' c0 N
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal
5 q5 J0 D( N' z2 U3 W: _& e0 Kstimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the) P& T9 W) K& v9 S& V
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
% J. t! o# Y& a& Zin higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
3 O* N5 |6 g- v$ Fimportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
% u1 f$ a; F" K7 b/ g% cspillover into Canada from events in Europe has been limited to a modest fall in commodity6 | T+ k: @8 `6 Z; `
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 cent0 a! D+ [" N3 b
in the first quarter, led by housing and consumer spending. Employment growth has resumed.: S1 J" Y* H: b! v/ R
Going forward, household spending is expected to decelerate to a pace more consistent with
$ q5 U8 | L. cincome growth. The anticipated pickup in business investment will be important for a more+ W9 f) A0 U1 D9 m4 M7 |
balanced recovery.5 y; F& N6 F% c6 s6 t
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects/ O% ^9 O1 m5 L6 v
the combined influences of strong domestic demand, slowing wage growth, and overall excess
" ~% `; s0 c* y8 v: k9 dsupply.& G0 ~% v- {9 ^/ T
/ K; |$ ^( |* ^% XIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and
& d1 l# F @. ^$ pto re-establish the normal functioning of the overnight market. This decision still leaves considerable
3 w/ L% O! S g2 b2 Zmonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the ; f) W) f. N9 L$ q& V
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
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Given the considerable uncertainty surrounding the outlook, any further reduction of monetary$ G3 K0 s$ z ~- S! t& U
stimulus would have to be weighed carefully against domestic and global economic8 |) \" ~& |- ^$ V7 Q/ G
developments." ]$ G& F. u# I
W3 ^' B L1 N/ T; u, @( SInformation note:
% M& F& s$ V k6 U; kThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update! ^, K7 r6 K8 Q& U2 x0 I( j
of the Bank's outlook for the economy and inflation, including risks to the projection, will be9 ?9 n+ D+ o0 F1 K$ D/ y
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！