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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: @ {3 \$ M6 i9 L& }
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly2 ]8 M/ V* P* H
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
1 L7 Z" h* U9 r' X4 h2 Roperating band of 50 basis points for the overnight rate.( t9 o0 s6 O7 R% [1 G
9 \5 [- W# n. C$ _+ e2 _The global economic recovery is proceeding but is increasingly uneven across countries, with
7 r7 A6 q0 j* w! Y2 w- r7 N. l4 Kstrong momentum in emerging market economies, some consolidation of the recovery in the
6 L$ @ F8 H' c, oUnited States, Japan and other industrialized economies, and the possibility of renewed weakness4 }* V4 e! w( @; Y3 j& S8 b f- R O
in Europe. The required rebalancing of global growth has not yet materialized.9 U, H, w7 [; w5 m c* M2 V, F
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal
0 U" g9 |3 a1 L2 b2 c1 h5 B2 ]stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the) T) R' {$ k* D0 U2 f; E
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
+ F, ~3 c7 Z5 t: S1 { ?1 |in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an- {) u! V/ |8 g
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
2 Y. O. v% o. Kspillover into Canada from events in Europe has been limited to a modest fall in commodity4 }7 i% A6 K- D8 i" L
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 cent
3 _; y/ C D l/ h7 `7 Ain the first quarter, led by housing and consumer spending. Employment growth has resumed.
7 n4 a$ q# r- }, v0 a1 U! ^Going forward, household spending is expected to decelerate to a pace more consistent with
5 }7 [ ~+ F2 `' W, eincome growth. The anticipated pickup in business investment will be important for a more3 B3 N7 N$ H& d9 O
balanced recovery.
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6 ~: P4 J l- uCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
8 Z' S( X9 O7 Fthe combined influences of strong domestic demand, slowing wage growth, and overall excess
# T3 \, s$ [. T: csupply.1 Z) a z- `' t
3 G/ q n/ C, X% M* [9 I# XIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and8 J5 m8 w, t& t- r/ x, y
to re-establish the normal functioning of the overnight market. This decision still leaves considerable % |0 ^/ ~9 a% {! _6 a W
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
j S$ p% ]* o* Dsignificant 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! u# l8 g( D1 N5 I2 Y6 ?
stimulus would have to be weighed carefully against domestic and global economic
4 k7 q8 i1 L% ?. T0 Cdevelopments.
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! S6 {# B! W W4 Z9 CInformation note:7 q, F( ]) O% B" f+ u+ g1 y3 s" h
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
2 ^; L$ k7 j; [+ V4 Kof the Bank's outlook for the economy and inflation, including risks to the projection, will be
0 z6 W @2 Q) G3 Ipublished 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！