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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& F& |2 i, S0 o
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OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
$ S4 i H5 h8 c- N/ i: krate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
1 S$ e% }$ N9 kraised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal0 e! D) W* X; g6 C4 g7 _ }7 f
operating band of 50 basis points for the overnight rate.; i! c9 Y' b. M( w0 s. a) Z) f
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The global economic recovery is proceeding but is increasingly uneven across countries, with) M) b5 _* p! ]7 o* R. Z
strong momentum in emerging market economies, some consolidation of the recovery in the
# X: e. f. X6 o4 JUnited States, Japan and other industrialized economies, and the possibility of renewed weakness) _: I& V" l; `7 M9 m! |
in Europe. The required rebalancing of global growth has not yet materialized.6 U- \' [4 C9 t5 u8 h
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal) L( J( A- F) @2 g9 r+ c
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the8 q( B, C+ L% n6 M: s& u3 J
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result6 U1 n+ Z* g* L' \% o& U" C7 z
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
2 O+ N. m9 V7 t, c& L5 h+ oimportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the% a; x, C. ~9 T
spillover into Canada from events in Europe has been limited to a modest fall in commodity
" n; y: G4 }5 S$ e9 Y9 ^, o6 gprices 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
% I) a7 \* J3 _# Jin the first quarter, led by housing and consumer spending. Employment growth has resumed.
/ [' r- n4 Y: W/ H' WGoing forward, household spending is expected to decelerate to a pace more consistent with
% g X1 n L( j# r0 g$ Nincome growth. The anticipated pickup in business investment will be important for a more
' R3 K( b4 ^2 R! \3 ]- b, lbalanced recovery.
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects( X. I9 g$ Y5 I1 S8 U
the combined influences of strong domestic demand, slowing wage growth, and overall excess
" h$ ?8 J8 K" \supply.
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3 t$ ?8 W8 ^& m W: iIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and
+ P, m- i" {6 A, i6 T; @2 E/ q7 {; Lto re-establish the normal functioning of the overnight market. This decision still leaves considerable 2 D& ]6 D( \: \. g) Y
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
9 p0 Q0 h$ F5 E8 S, g" Dsignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.2 M# G' l* w9 a
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Given the considerable uncertainty surrounding the outlook, any further reduction of monetary/ u4 F6 n# p+ V4 P6 }
stimulus would have to be weighed carefully against domestic and global economic
7 b) _, i+ a2 {( G) P$ S6 udevelopments.
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7 u5 y' r! D% {/ s7 d; [Information note:
; c3 e) @ J7 B$ P1 @, AThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update1 e m. |( \) ^& n! }
of the Bank's outlook for the economy and inflation, including risks to the projection, will be
7 K) e; N R9 ]% C+ ]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！