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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 w! d# j$ `. n$ I0 M
& ?4 Q- [) U a# r, ]( BOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
: G" N1 r! e% ?' n# [& h3 Prate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly: P6 y5 z* I* w) L! l% |7 h
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
8 b( d2 e# {/ ^operating band of 50 basis points for the overnight rate.1 \+ L5 f- [* W# Z" ?5 f9 E6 F5 d! w3 a
- }$ z, [9 C- b% eThe global economic recovery is proceeding but is increasingly uneven across countries, with y( b1 I: Z8 X
strong momentum in emerging market economies, some consolidation of the recovery in the
; p7 E- c, h( w2 AUnited States, Japan and other industrialized economies, and the possibility of renewed weakness
' N' p* Y3 d3 X8 Y+ r9 w+ G" n; lin Europe. The required rebalancing of global growth has not yet materialized.4 ^3 @0 C# T" m4 P! K
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal3 _% m5 K1 ~/ q) z! v; E
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
" M; h& ^5 K/ }variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result' H0 r( `- T7 W, o! Z
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an+ o( m; F0 g% @" ^- t: H
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the- X& n, F' V. Q- R5 \* o
spillover into Canada from events in Europe has been limited to a modest fall in commodity
i& q$ R# N5 Jprices and some tightening of financial conditions.- o4 j: ]7 F1 M4 q3 N& b; g
' Q( |7 `1 V$ q( B- OActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
* z! @' W; v( T5 Tin the first quarter, led by housing and consumer spending. Employment growth has resumed.
1 o; y. f- g. T3 I; ?Going forward, household spending is expected to decelerate to a pace more consistent with
8 n! m" ?- u" O1 S! P0 o9 J' gincome growth. The anticipated pickup in business investment will be important for a more
, D& ~ V I3 Q1 Y8 T# P! j7 ?8 n" Ebalanced recovery.) t$ F$ m, g, w% r, p6 ~
% k7 G3 S; k) H. P' K# X" L
CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
. @) d; P; M; \# q- ^# q/ jthe combined influences of strong domestic demand, slowing wage growth, and overall excess
) s8 P% @8 r0 Z$ F( [/ dsupply.
8 O5 H' q8 R! H$ n% }! n+ w
8 |. v1 K3 q5 [2 S. w9 QIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and
, ?* S" s3 {' h* Xto re-establish the normal functioning of the overnight market. This decision still leaves considerable
, V; V; K o+ n5 `3 v5 n5 H- O f5 t$ zmonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the ! f8 y! I/ u: r' a% K$ h
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.' s1 Q3 b3 f1 z. e2 U. ~, o
! |, i9 s" i# `& ^7 `" {3 n2 gGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary! C9 y! f0 H# g1 K% `
stimulus would have to be weighed carefully against domestic and global economic
6 W0 q4 V6 V/ g" p! n; bdevelopments.2 O# B( D+ V1 p6 @; E
" q+ ~' h: Q d( {0 `
Information note:
7 T- Q8 B' L. o* j- F& aThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update7 G+ ]+ _) o6 p* p9 L. g
of the Bank's outlook for the economy and inflation, including risks to the projection, will be* Y: X/ y: x9 [1 q0 N+ p
published in the MPR on 22 July 2010. |
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发表于 2010-6-1 07:58
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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！