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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$ T$ u* r7 @" d( C
- J! N5 u2 G$ \" B; D; cOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
, ]" \/ z- _# M9 A5 A" brate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly4 z M0 T7 `) K$ I; @8 C
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal& K0 q# c: a+ W8 N( T
operating band of 50 basis points for the overnight rate.
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$ O7 P6 l1 V6 m$ l9 d# x# SThe global economic recovery is proceeding but is increasingly uneven across countries, with0 T x& a" Y/ N+ r0 t' K+ @
strong momentum in emerging market economies, some consolidation of the recovery in the& g" R6 S$ a/ V2 D! v& T* T8 G2 L
United States, Japan and other industrialized economies, and the possibility of renewed weakness
4 x3 L- [3 e \( {- |4 Vin Europe. The required rebalancing of global growth has not yet materialized.
+ q+ f, V$ w; O$ E* UIn most advanced economies, the recovery remains heavily dependent on monetary and fiscal
# z0 T4 `% x* Q7 {stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the% g% F3 i/ G% A" v1 `; I+ b! X
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
; K: x0 }- g3 i6 s( h& g: b+ z2 ]3 Uin higher borrowing costs and more rapid tightening of fiscal policy in some countries - an8 g: A4 V% d8 j; M
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the! U; B* {$ x+ B$ j
spillover into Canada from events in Europe has been limited to a modest fall in commodity# y4 T: i$ i) l; J9 g
prices and some tightening of financial conditions.: `5 ^2 }. q/ @1 F& S
9 ~. C1 |9 ^, U' K- UActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent9 ?, M- ]# N6 w5 V/ E/ _ _
in the first quarter, led by housing and consumer spending. Employment growth has resumed.
" |- e! g J5 ^& H7 DGoing forward, household spending is expected to decelerate to a pace more consistent with* l' N+ [6 g7 L2 g# `2 [' u9 d1 w
income growth. The anticipated pickup in business investment will be important for a more
. c( \7 e1 `5 g8 {1 L7 \balanced recovery.
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; w! k% k# P& H; @CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
& b2 i7 W8 Y) w. J, ~0 d% X6 _the combined influences of strong domestic demand, slowing wage growth, and overall excess
/ k- _& J8 N* T6 Usupply.
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5 X" w9 U$ m! n1 c$ e4 a. `In this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and
6 B$ {& K& R8 t$ Bto re-establish the normal functioning of the overnight market. This decision still leaves considerable
# s) p" F6 x: `% emonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the 0 T8 w& _' @8 @: F4 c2 s# X$ ]
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.. { }/ p9 {2 D3 { R
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Given the considerable uncertainty surrounding the outlook, any further reduction of monetary
# }8 k3 Z6 x( k( o, j" Y" O6 [stimulus would have to be weighed carefully against domestic and global economic
\! c- f5 U! o& [( adevelopments.
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* x7 M8 G% e( E0 G3 ^* BInformation note:
+ N2 v# r. q, P* Y3 i; HThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
6 a6 ?' l9 s c$ zof the Bank's outlook for the economy and inflation, including risks to the projection, will be
& L9 ^2 d2 O5 @4 Ppublished 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！