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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; {$ L7 J7 m5 k
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OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
/ M* |& n/ h" p: Orate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
, x' [/ K8 y3 o5 r( Y$ ~raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
/ L4 Q: C! N- H" K$ Ioperating band of 50 basis points for the overnight rate.9 o6 b V; n& \1 ?
3 d" }4 [/ V" m, D, p! WThe global economic recovery is proceeding but is increasingly uneven across countries, with
7 ^" C9 b, w5 c2 }$ zstrong momentum in emerging market economies, some consolidation of the recovery in the
b' E! Y2 [) S/ c# |United States, Japan and other industrialized economies, and the possibility of renewed weakness
' w' z7 p0 t# S' qin Europe. The required rebalancing of global growth has not yet materialized.
; s0 O1 n9 z2 b- tIn most advanced economies, the recovery remains heavily dependent on monetary and fiscal
& {" [" u- y5 u: H& [$ c# I% ]; R& Wstimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
% k* @2 e- Q; `- e) |- N' ?variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
( a" w6 |0 R. b! R, t5 ^* ~- h' cin higher borrowing costs and more rapid tightening of fiscal policy in some countries - an* g7 f; `# O" D% n5 w( X( _" S# t
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
1 O! E& X3 t' e" h; Rspillover into Canada from events in Europe has been limited to a modest fall in commodity
5 |" u' y9 t+ oprices and some tightening of financial conditions.3 f) d; J- _: ^' W3 S8 J. B
/ l9 |6 U8 r! U W/ gActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
. x- G/ _7 f' I h8 Gin the first quarter, led by housing and consumer spending. Employment growth has resumed.+ X& g; w3 @; ]; g; [& k
Going forward, household spending is expected to decelerate to a pace more consistent with
$ g( S6 U& e1 K: c8 v3 ?" t, Gincome growth. The anticipated pickup in business investment will be important for a more
2 |& K& N# J: r4 f0 d2 t- Rbalanced recovery.- D* Y' _% n) } j# L4 h
. e) A. i8 z( |5 C. c+ L; [CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects% G. m% s6 y2 W1 t; o' b2 D
the combined influences of strong domestic demand, slowing wage growth, and overall excess
9 {% g$ o1 o) r9 y1 f' ssupply.8 A5 C/ d7 f0 a. N- F X, _4 v
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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
! d" R5 l( z( w5 J1 Rto re-establish the normal functioning of the overnight market. This decision still leaves considerable
8 m _8 M" \7 W/ k( Kmonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
; c; f' i. E% @& r, P$ k0 d* z% Vsignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.) `- D. L; F0 X' ~+ ~8 A1 `+ E) Y
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Given the considerable uncertainty surrounding the outlook, any further reduction of monetary1 S6 [& ]( e, h9 B
stimulus would have to be weighed carefully against domestic and global economic8 E5 n; V; s! {+ |7 u% O
developments.. i# Y6 P/ J" X( k/ `8 l; g( x
1 |( X* h9 {1 a8 qInformation note:2 `$ v: p. ~% o% n
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
: j3 ^3 }9 A$ r! C" ^# mof the Bank's outlook for the economy and inflation, including risks to the projection, will be
2 Y# c+ i6 L" S0 }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！
