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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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OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight3 l0 S, O: f7 K/ G: |
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly* Z o' v7 g$ G. t2 _* Q
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal, z! L0 t8 h& ]6 X
operating band of 50 basis points for the overnight rate.$ Y3 T& @5 ^8 F& ?6 a# G
6 l3 @& r, {+ d# \; T2 H) FThe global economic recovery is proceeding but is increasingly uneven across countries, with# X1 C M* f5 W1 ?. _8 z5 ? x
strong momentum in emerging market economies, some consolidation of the recovery in the
! Z8 i$ w3 ^$ @. @United States, Japan and other industrialized economies, and the possibility of renewed weakness3 y2 p3 l( {5 k
in Europe. The required rebalancing of global growth has not yet materialized.5 C, O4 r# e" v
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal! z8 |! j7 N- o- M
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
o4 U( M5 f2 ]) {5 T9 l3 z( w0 q; kvariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result8 \" J* r9 w; x8 A
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
! Z) k& w4 [- D, q9 ]; U, t% kimportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the6 p' Q( a* ^$ V8 z0 }2 t' U3 D/ O
spillover into Canada from events in Europe has been limited to a modest fall in commodity
$ {7 F9 j+ v5 A+ \6 @ p: iprices and some tightening of financial conditions.. x/ i5 k0 i& Z6 w4 c9 A+ ~5 i w
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Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
) a, M+ M8 r' c2 M0 q) Zin the first quarter, led by housing and consumer spending. Employment growth has resumed.8 `1 i: U4 N9 e
Going forward, household spending is expected to decelerate to a pace more consistent with# J0 c4 [& S: Y
income growth. The anticipated pickup in business investment will be important for a more7 ?) [3 ?# K) Z" }' p
balanced recovery.
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
" J! B: R% v/ n# Y+ ~the combined influences of strong domestic demand, slowing wage growth, and overall excess
K) c- ?3 [9 N( v) I isupply.
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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
" u H$ o1 d0 N, n- Hto re-establish the normal functioning of the overnight market. This decision still leaves considerable
' i3 V8 D. W8 _5 e& b* H# Imonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
' C, ]8 x8 z9 p: C) F6 Hsignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.4 [, \$ ^* h, ? X
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Given the considerable uncertainty surrounding the outlook, any further reduction of monetary) l1 T2 B) d5 z+ ^
stimulus would have to be weighed carefully against domestic and global economic. r- t; {0 `: b5 Z
developments.
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Information note:
8 R) i0 w9 t' SThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update5 V; ~7 Y2 F! W9 ^ m8 R
of the Bank's outlook for the economy and inflation, including risks to the projection, will be
4 ?. Y: L' Q6 d/ d1 k6 Tpublished 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！