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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; G3 W/ G# ^6 x) S; z" o
& {: m6 ]1 y4 g8 s& u! |6 _
OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight) L1 k$ g2 O, \1 _4 A* O2 C6 d
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly) l) R* B. X* N" B+ |# F
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal! ~* T2 t( p5 A, w2 l5 U# }3 ]
operating band of 50 basis points for the overnight rate.
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The global economic recovery is proceeding but is increasingly uneven across countries, with
0 w6 }1 w! ~, L% a6 S% B4 ~' ^strong momentum in emerging market economies, some consolidation of the recovery in the; W2 p" D/ C9 d& z! v" ?
United States, Japan and other industrialized economies, and the possibility of renewed weakness
2 j* p9 {. @# y4 [in Europe. The required rebalancing of global growth has not yet materialized.
1 [9 V4 t( I) s4 U/ nIn most advanced economies, the recovery remains heavily dependent on monetary and fiscal
0 K4 j3 q6 ?/ b2 x/ `4 }( Dstimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the+ H: T% V t0 Q8 D$ [) l/ ~% V5 }. @1 Y
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result, |' T/ W* b4 Q* Y
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
* @, g1 w" y$ f/ E+ f( u# X$ oimportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
4 v1 d0 i7 L" `5 | K9 Ispillover into Canada from events in Europe has been limited to a modest fall in commodity
+ @) S( q7 D; cprices and some tightening of financial conditions.
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& Z5 S1 _: Z8 yActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent3 b& P* A2 N* M
in the first quarter, led by housing and consumer spending. Employment growth has resumed.: o8 R& S( G M
Going forward, household spending is expected to decelerate to a pace more consistent with
" E' U, `4 m$ A& v% iincome growth. The anticipated pickup in business investment will be important for a more- x3 j0 A: z1 g4 Q; U
balanced recovery.
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5 V& {0 Y5 V* U2 Z+ B/ o0 RCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
' c+ ~' D+ A2 J9 E& vthe combined influences of strong domestic demand, slowing wage growth, and overall excess
( W- s& x8 p# G% d9 }supply." z/ G. u" k9 f* k/ b
f/ G. O2 p0 ]5 ^In this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and
- f. g3 \, u& d' W7 G( K$ |to re-establish the normal functioning of the overnight market. This decision still leaves considerable 2 I2 u4 n$ P6 K2 @6 H! c0 |1 b
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the ! h" u. Z& X2 d v2 R3 h/ U% m4 T
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
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# j) |* t9 w4 g# L+ MGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary
7 e$ E" R9 ]3 | j* O3 bstimulus would have to be weighed carefully against domestic and global economic
/ K6 v* s1 _& q, u' jdevelopments.0 _& S5 g" q0 P
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Information note:
4 m3 b: u( ^5 uThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
1 k+ U* ~" D( `- v/ Y: qof the Bank's outlook for the economy and inflation, including risks to the projection, will be
; |& e: P* X& ]; C+ u- [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！