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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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9 v x5 l% I( _% kOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight5 l8 H, v0 w+ k; [, Q5 D
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly. ]; _0 e6 w! g; } N
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal8 n0 k$ b! L% G/ I" F7 l
operating band of 50 basis points for the overnight rate.- @( Y9 k* n6 i. g0 H6 B( l
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The global economic recovery is proceeding but is increasingly uneven across countries, with! y; l. e, {$ }7 e
strong momentum in emerging market economies, some consolidation of the recovery in the
3 p) C5 Q5 t7 fUnited States, Japan and other industrialized economies, and the possibility of renewed weakness: o, t% }" D v! B: b
in Europe. The required rebalancing of global growth has not yet materialized." A+ B3 l; [9 ~; ~, d+ q. l/ P
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal }3 x: i% r ~! M) g
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
- x" |, W5 {3 V5 q& Y1 k: Xvariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result, \; U" L- \9 {8 S7 T( v
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
0 ]. o* W3 x8 u' p& L: rimportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the% R$ t3 k9 O' k q" F a: r7 o5 I
spillover into Canada from events in Europe has been limited to a modest fall in commodity6 K7 t. T4 B5 W
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
0 s1 ?! h* k- d# Z! _in the first quarter, led by housing and consumer spending. Employment growth has resumed.
* n7 F* G# H2 R( @# N3 MGoing forward, household spending is expected to decelerate to a pace more consistent with
- `- D* V h8 Q# n" ]! A) m) F3 Mincome growth. The anticipated pickup in business investment will be important for a more6 \- E% _, e" S
balanced recovery.
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
( }6 ^. x. O) K# ithe combined influences of strong domestic demand, slowing wage growth, and overall excess
! [9 [. j n& s. q& p% G- i7 q' {supply.
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* q* j/ W/ Y7 WIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and
% B6 e0 h- m2 kto re-establish the normal functioning of the overnight market. This decision still leaves considerable 9 @$ R% d, _6 K1 `
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
$ i8 r S2 x5 [. `+ O, Qsignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.- \0 d/ N" b2 s% G& _
& K+ y) W0 T& v8 \/ ]5 _0 V. P6 iGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary- L! l7 B, j# h, ?& i, A( v
stimulus would have to be weighed carefully against domestic and global economic
5 F. k' z5 ^* H0 I( Rdevelopments.
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Information note:3 o: C* @. ^0 M9 Z
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
7 M; ?/ Z- n% e! ?1 I; Yof the Bank's outlook for the economy and inflation, including risks to the projection, will be; \8 w# R t4 f! l/ `4 e" a
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！