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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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4 y) ?+ X ^2 r' W* Z. y* P4 E! vOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight) {6 l3 l1 x3 l' U
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly/ ]; s8 x2 x1 ^& [' U
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
7 w# A; ?$ Y d" moperating 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
6 m" X2 c+ ]. V4 W6 m% I I. {strong momentum in emerging market economies, some consolidation of the recovery in the3 W8 I! j4 k, \) ^6 M, c
United States, Japan and other industrialized economies, and the possibility of renewed weakness
; \4 x! D! C4 r/ ~8 x& o, T2 F9 n* pin Europe. The required rebalancing of global growth has not yet materialized.
) B% d; q2 [, Z( K) e K V2 c! JIn most advanced economies, the recovery remains heavily dependent on monetary and fiscal
: k9 @1 R0 }& m6 b. Ostimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
5 D% k3 ^+ t! |5 g6 o, @& n5 Evariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
' j) E2 P1 |* xin higher borrowing costs and more rapid tightening of fiscal policy in some countries - an$ J* d' a+ b& p- j
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the7 a( S0 A7 f4 ^+ t$ T0 W
spillover into Canada from events in Europe has been limited to a modest fall in commodity
$ I8 p5 ^- i: i+ b+ [prices and some tightening of financial conditions.
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6 W1 O" u4 F) i* RActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent2 n3 o* B9 f+ e% M0 E4 j' V
in the first quarter, led by housing and consumer spending. Employment growth has resumed.
4 ^9 f3 z; S. f+ U) C* xGoing forward, household spending is expected to decelerate to a pace more consistent with! Z w6 Y, W; P0 h- O" k5 Q
income growth. The anticipated pickup in business investment will be important for a more) O) t- t X9 G0 D y5 ?# q
balanced recovery./ y7 Y3 d0 z. R% w+ H
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
" Q3 _# T; h) p* a6 ]8 x3 athe combined influences of strong domestic demand, slowing wage growth, and overall excess
5 Z9 i& N& A& Y* K: Xsupply.! f/ T/ c/ ?" r7 V: i3 I
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In this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and
( Z5 r9 U4 ^ r/ r6 u8 L$ Q; `) |. yto re-establish the normal functioning of the overnight market. This decision still leaves considerable
3 y R$ q/ i7 rmonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the ; O4 ]5 `' C8 ^
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.* V2 [1 W& p; v3 d5 f* q2 Y
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Given the considerable uncertainty surrounding the outlook, any further reduction of monetary
- ~* i$ O% b1 b( q5 H nstimulus would have to be weighed carefully against domestic and global economic
2 o7 ` `4 B4 `& s! @# e& ^/ adevelopments." C6 g$ @ d2 \) I, |
( ? @9 `$ C4 y4 s) E+ B2 ZInformation note: E- ]; I- n8 |$ f) C9 ~: D
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update* U2 ?$ s( V' ~
of the Bank's outlook for the economy and inflation, including risks to the projection, will be1 }2 O/ c5 t) P& \+ D
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！