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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& K% b0 B! a# S: q
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OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
4 E. e* c& g- S8 @+ o% urate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly3 C7 u$ s" E/ J N; W! t5 ?7 i4 b
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
$ G* v/ X) A- V- f) }: A8 yoperating band of 50 basis points for the overnight rate.
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d+ |% |9 a& @6 U' J& `/ T: ZThe global economic recovery is proceeding but is increasingly uneven across countries, with9 z2 ^5 t" m' u* \" V0 P3 L, s- f
strong momentum in emerging market economies, some consolidation of the recovery in the
6 K0 ^7 I5 @7 i% Y7 I- j6 xUnited States, Japan and other industrialized economies, and the possibility of renewed weakness: }* X9 g: |3 j3 N- N, {' d
in Europe. The required rebalancing of global growth has not yet materialized.
2 h! y- W6 N1 L0 {8 t0 {# h0 GIn most advanced economies, the recovery remains heavily dependent on monetary and fiscal9 z+ P3 h% p4 y
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
/ _! M8 O' r5 \: w; ?" Gvariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
, t- r: S: v; r8 Lin higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
0 Z# ]: }& L; l- S6 n) Dimportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
. E$ @# _' {9 B Tspillover into Canada from events in Europe has been limited to a modest fall in commodity9 ~; m! G6 C' [* j$ B; V$ V
prices and some tightening of financial conditions./ _' E6 ] r8 w' M, k9 f6 ^
* r5 |1 |* H8 p3 l+ F! J2 CActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
) e" c6 |* k- N# p! vin the first quarter, led by housing and consumer spending. Employment growth has resumed.
' j8 e: r6 {/ o% o* ~9 @1 m: bGoing forward, household spending is expected to decelerate to a pace more consistent with
2 h4 K, ^: q( }; hincome growth. The anticipated pickup in business investment will be important for a more
1 Y2 c1 v! f, V8 N: ~" kbalanced recovery.. h' T( Y8 k) S( q6 {' b1 k
+ G4 v8 a: o( ]4 u7 ZCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects- E! @4 T; _# ^6 v. p" `6 ~6 @
the combined influences of strong domestic demand, slowing wage growth, and overall excess. }2 V. @6 e. l- s! A' \ S
supply.
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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
$ J8 P- B& F9 s$ C! i3 fto re-establish the normal functioning of the overnight market. This decision still leaves considerable % G8 @ W& U# P! m* q
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
$ C5 K) l, k, G$ m- A; }+ Wsignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.% M3 A6 \$ f( [. v* p* Y
/ W: Z0 w7 K4 E( oGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary
4 Q. J2 v9 H; f* B0 q- Nstimulus would have to be weighed carefully against domestic and global economic8 W9 f4 q4 e j% Y- |, s; D j
developments.
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5 [) W: z4 T3 z) Y. ^# z+ d' q" m3 A3 iInformation note:
( K0 f6 t7 T7 z% kThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
3 b3 a& y: z2 sof the Bank's outlook for the economy and inflation, including risks to the projection, will be+ h# |3 F! w# y; a3 R! h, [4 w
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！