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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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$ Q, t' I! t$ M$ b( V5 eOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
k2 E# Z% n% Z3 X9 k+ o3 Prate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
! v. L Q _) F/ @2 j4 C1 `raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal# `. z$ d% y4 I( f) t$ e
operating band of 50 basis points for the overnight rate.5 h1 ?4 d; N/ k- B4 S" g
" w: ^6 ^$ Z' ^: B0 a, ]9 q8 O# gThe global economic recovery is proceeding but is increasingly uneven across countries, with1 t4 \# l- q/ T0 e
strong momentum in emerging market economies, some consolidation of the recovery in the' K. l) }. f% d' M v
United States, Japan and other industrialized economies, and the possibility of renewed weakness0 b7 P8 m2 w' `: I3 y7 y o$ G' V
in Europe. The required rebalancing of global growth has not yet materialized.3 W0 m8 t5 Y6 R( [( [
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal
, d+ m4 I# u4 u- v/ E) W! L8 n6 @stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
6 K- P' n* \- Yvariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
. s9 h" c+ S- l2 a0 {( P* m! `/ ain higher borrowing costs and more rapid tightening of fiscal policy in some countries - an) h0 j8 Z* i5 c/ E) Q: u" s* Y
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the3 E, p4 U h- F9 I# a8 u6 Y2 M
spillover into Canada from events in Europe has been limited to a modest fall in commodity. A" z; I" k: ?" j
prices and some tightening of financial conditions.& A% M) I" @6 T- r$ a4 v- D
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Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent j- x* V3 P0 N7 k- k! d) j% y
in the first quarter, led by housing and consumer spending. Employment growth has resumed.! {& a& b9 z/ C
Going forward, household spending is expected to decelerate to a pace more consistent with, p$ A6 A) s C
income growth. The anticipated pickup in business investment will be important for a more
* P6 M3 A8 ^3 `! A+ Pbalanced recovery./ V( U, n6 T: h8 h
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
1 F& u: J0 ~8 V9 }. D. I; x7 X' Zthe combined influences of strong domestic demand, slowing wage growth, and overall excess3 B! o8 u7 P8 E
supply.
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# s+ R* c! N* P I; s9 AIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and
) N$ N4 n! q. R- bto re-establish the normal functioning of the overnight market. This decision still leaves considerable ' j/ W% }* f4 }0 S9 t/ T3 |
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the 7 k$ H" Z# p: J0 q& \$ H, y
significant 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
. }5 Y s6 z2 e. bstimulus would have to be weighed carefully against domestic and global economic
+ [* h$ n4 i: f! q" Ldevelopments.
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Information note:
2 Y; K7 O$ ^. r O% m9 W+ ^The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
' F- b; n; U% J* u( E$ l/ T% yof the Bank's outlook for the economy and inflation, including risks to the projection, will be
8 v" ^2 N' {6 X H! O- Ypublished 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！