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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 overnight
, c9 m% A) b' Yrate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
r. H; e0 |% i6 `. l0 Jraised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
! E5 v% B' l* K6 d# ]" Voperating band of 50 basis points for the overnight rate.
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+ b4 X, Z% d# J$ g$ @/ \The global economic recovery is proceeding but is increasingly uneven across countries, with) |9 f6 X/ W- E' |/ j" `
strong momentum in emerging market economies, some consolidation of the recovery in the
. e1 J v: b; x9 B5 e) e) A% c3 T# KUnited States, Japan and other industrialized economies, and the possibility of renewed weakness1 u4 H: n3 s3 T X2 f3 ]
in Europe. The required rebalancing of global growth has not yet materialized.. L* \; d5 t8 J* u, V5 J
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal
0 H) ?) I. m0 |; J8 x$ v4 bstimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the( v, h* ^/ h: E, L
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result0 E* @' W' ^/ m
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
. U6 i7 s4 `4 ?/ U* r7 n! }6 |important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the* t% h3 \( i% M) w3 d
spillover into Canada from events in Europe has been limited to a modest fall in commodity) E, w1 q% Y# `' w7 w! C" o$ o
prices 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 cent6 r- e6 F% e0 k! @# K- G! q
in the first quarter, led by housing and consumer spending. Employment growth has resumed.! l. ~" J& k6 `# y/ j. M
Going forward, household spending is expected to decelerate to a pace more consistent with3 e# `. G; k+ H% V( I7 S8 `
income growth. The anticipated pickup in business investment will be important for a more
% T, F, }/ }2 k0 A6 s6 mbalanced recovery./ M% `0 k; z0 X6 s! ^3 _) \- D& G
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects. d+ Z. n& f& _- ^2 ?: x3 O# A. `6 P
the combined influences of strong domestic demand, slowing wage growth, and overall excess. i/ l- z/ P, O; R: k. u
supply.: R a0 `9 H/ z# s8 W5 M
* Z K3 v; S, Y6 GIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and
7 k6 t/ s, w6 Ato re-establish the normal functioning of the overnight market. This decision still leaves considerable + l0 \( ]% }; u# I1 a: G2 v
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the 5 \. w/ q. ~9 r5 K5 x5 x' n' p
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
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Given the considerable uncertainty surrounding the outlook, any further reduction of monetary# ^' y. v3 M# E7 T% l
stimulus would have to be weighed carefully against domestic and global economic
9 [; X4 z4 z( F- l/ Adevelopments.
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Information note:9 i ]/ G6 F* t( ^% P
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update# T7 X8 z. E( s+ o4 x) E8 K
of the Bank's outlook for the economy and inflation, including risks to the projection, will be
3 K, S& s: j! z0 p! kpublished 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！