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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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( b3 O9 y0 R5 ^' n& y+ dOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight' c6 m& I" V% H' X% t. R+ ^
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
6 D# W, h5 y* h% Vraised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
& }" n5 }7 k7 N) R+ o3 f: yoperating band of 50 basis points for the overnight rate.
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& I& D7 K G2 j; ?; X, u4 nThe global economic recovery is proceeding but is increasingly uneven across countries, with( o( { A9 V7 x
strong momentum in emerging market economies, some consolidation of the recovery in the0 p: J: @7 C% e/ _1 C r, W9 M+ D
United States, Japan and other industrialized economies, and the possibility of renewed weakness1 c& k# D9 t0 {
in Europe. The required rebalancing of global growth has not yet materialized." ?* W, ?1 y0 H# D+ z
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal. V3 ]( y# S% A8 U2 r
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
) }; Z% N( ^8 ^6 svariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
7 g, b8 S' X( X1 w" D" H. @7 bin higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
5 s. X$ k+ D5 y3 V2 K# v" ]important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the3 H( O H) G1 o4 l( ^
spillover into Canada from events in Europe has been limited to a modest fall in commodity
6 j( \7 h6 G s4 P) Oprices 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% {2 e) r6 U2 G( Z
in the first quarter, led by housing and consumer spending. Employment growth has resumed.4 ?" q' j/ g! p. n5 m
Going forward, household spending is expected to decelerate to a pace more consistent with
9 k+ Q ]: ?5 s8 Gincome growth. The anticipated pickup in business investment will be important for a more+ A) @5 Q5 V+ D: i, u7 h
balanced recovery.& M- f/ v; {; O$ `: m- O: a! z; J
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
. [. o l% C/ [the combined influences of strong domestic demand, slowing wage growth, and overall excess
1 a" a. t- n2 ksupply.
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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+ Q8 b8 \6 }' f- t* l- }) G4 B
to re-establish the normal functioning of the overnight market. This decision still leaves considerable
7 n$ }# }$ C, |2 Y. ymonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the M6 r( r- G. u& m( J$ G
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.) m' P+ _+ V& G; |& Z- l
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Given the considerable uncertainty surrounding the outlook, any further reduction of monetary
, j' G! r/ T K; U# d) Hstimulus would have to be weighed carefully against domestic and global economic
! ^6 t! A6 Q- R% r. mdevelopments.* l0 j5 m1 |; f$ ~- v
$ o) e4 C& S! c; K% f; wInformation note:" \4 a+ S7 b$ [' Q- h
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
1 c1 R, w- S9 O1 jof the Bank's outlook for the economy and inflation, including risks to the projection, will be. V) M6 l; n( S& Z- M+ H- _
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！