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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 g; r% z, `3 K# V0 L4 A o
% X# X' l7 t# oOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
8 K( i: v3 R7 o! rrate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
% K0 X4 C, r* { traised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
5 Z3 l5 u/ ~4 R8 @operating band of 50 basis points for the overnight rate.7 W( G. x/ P3 E# j) Z; A6 V
7 X3 P$ u' r7 p, C. U$ Z8 }The global economic recovery is proceeding but is increasingly uneven across countries, with2 Y/ p# x0 g8 [4 j& j
strong momentum in emerging market economies, some consolidation of the recovery in the
$ {! f1 n; `/ Q6 m8 WUnited States, Japan and other industrialized economies, and the possibility of renewed weakness* u4 z* D" K( O1 Z
in Europe. The required rebalancing of global growth has not yet materialized.) e0 W7 z' r8 V% \/ |
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal
# M$ I- e) x, r3 P8 A& rstimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
3 [, D: O' Y. c$ ~variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result) F S% H( ~ q m `8 m
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
( }0 W9 P$ J! b; j7 a* oimportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the& F, o$ L+ O: i: u" C n
spillover into Canada from events in Europe has been limited to a modest fall in commodity3 {9 Q d8 b W. X* {
prices and some tightening of financial conditions.5 Q- v6 R8 W) G( @' L' d5 }& X
g3 J% c; @2 ^
Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent8 Y2 A3 Z/ ^. T7 F$ U
in the first quarter, led by housing and consumer spending. Employment growth has resumed.
, J0 n7 ?+ l5 B0 \, r( r2 H3 fGoing forward, household spending is expected to decelerate to a pace more consistent with
. _( J! s7 l: X% v3 x: Jincome growth. The anticipated pickup in business investment will be important for a more
7 o) r/ L3 T! K# ~balanced recovery.7 D6 v7 M0 u8 g! A( H4 Q$ P2 p
- m ]& a4 P4 X# {! c) uCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
; J& A$ Z9 o2 Dthe combined influences of strong domestic demand, slowing wage growth, and overall excess' }$ C/ Y0 u; c& r6 f8 p
supply.
% f+ J/ h Z8 v9 D, H3 O% i
- Z# @1 H; j# ~5 Y1 x( eIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and! h4 k i! m7 ^ a
to re-establish the normal functioning of the overnight market. This decision still leaves considerable
$ `9 y+ L1 a G3 A+ g& _6 _monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
; Z" ?' N& e0 C3 I: ~( b! usignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
4 ?1 z& T% p- h% j- e4 P( d/ W: O4 T2 c$ O) c# c! a
Given the considerable uncertainty surrounding the outlook, any further reduction of monetary
% f$ o' V1 S5 I% b% s d" p8 sstimulus would have to be weighed carefully against domestic and global economic8 s3 P& ?+ R! ?& G3 S+ D
developments.
J/ t% L% F7 f: m- s6 s
/ B/ v& l$ C/ Y, E, E5 bInformation note:$ d+ [4 X: h% _& A
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
6 u) _* n$ v% Jof the Bank's outlook for the economy and inflation, including risks to the projection, will be
! R: H% X3 [# Cpublished 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！
