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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, ^. K5 @1 V: n8 s, O0 J
& I) b7 ~' d! l/ FOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
1 w' w4 d# Y9 u' O9 d1 N7 q, e$ M/ Brate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly) d5 \3 q; X7 A: ? O6 ^/ E# a
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
* r8 k+ R, b5 s3 y g9 M0 H) ooperating band of 50 basis points for the overnight rate., X2 Y# z1 J5 m; E# {% Y: `
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The global economic recovery is proceeding but is increasingly uneven across countries, with+ H4 P- v' C. Y9 V
strong momentum in emerging market economies, some consolidation of the recovery in the
7 A7 { K2 a) y% W/ z& `' S6 x' WUnited States, Japan and other industrialized economies, and the possibility of renewed weakness- j9 J! ^, j [+ |/ @ W
in Europe. The required rebalancing of global growth has not yet materialized. `- T* P1 X6 I
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal
" M0 p5 o- A( f: l9 e. F ]stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
* R' l% k/ j' B; h' O: T% yvariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
7 l. D U# {" b0 ^. Qin higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
0 j" I& x5 q, M7 u+ [important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
, W$ J' k% D- V5 K! P/ fspillover into Canada from events in Europe has been limited to a modest fall in commodity/ k$ O% W" C* i. b3 P$ Y( u0 g8 O
prices and some tightening of financial conditions.& s7 Z4 g+ O0 h5 I( F
' n: D1 u1 F' N. [2 iActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
; b/ z) \1 N" i9 C. rin the first quarter, led by housing and consumer spending. Employment growth has resumed.
: G$ W6 G8 G% IGoing forward, household spending is expected to decelerate to a pace more consistent with
. p/ l6 i. `) T: Q7 u. Dincome growth. The anticipated pickup in business investment will be important for a more( U. U4 H1 n- i
balanced recovery." a2 {' g1 D1 U" O2 m5 @; l B5 S
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects8 t; A, _2 X7 [2 P& B( G& U
the combined influences of strong domestic demand, slowing wage growth, and overall excess+ y! W" o( m4 ?
supply.4 b" f/ I; O5 J1 @
W) ?% i* E' r8 n# ]
In this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and6 I: g8 C, B& C, D. O/ H
to re-establish the normal functioning of the overnight market. This decision still leaves considerable
9 i8 i8 ^ p, ]/ L" n; c2 Jmonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the I/ J% ~4 A5 ^0 i# c
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery./ k( R' }" w1 ?& x) C/ t, q. Q
9 E1 C7 h2 ]+ ^
Given the considerable uncertainty surrounding the outlook, any further reduction of monetary
4 _! |( S# t( `, Vstimulus would have to be weighed carefully against domestic and global economic2 ?9 u' l b% u2 M
developments.
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Information note:# Y/ k$ ?" U& a0 S2 ?
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update! H9 M7 }+ m; v$ Q% [, j( b
of the Bank's outlook for the economy and inflation, including risks to the projection, will be
2 T3 F! }& T/ b, \: t0 Bpublished 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！
