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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
3 p: F% R& o k9 V$ o4 I8 Krate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly, C& f8 h3 v0 s& z/ V: Y
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
( _ F$ f" b5 C& W. ^operating band of 50 basis points for the overnight rate.
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The global economic recovery is proceeding but is increasingly uneven across countries, with
5 l1 a) _% S S4 s& U7 _1 Qstrong momentum in emerging market economies, some consolidation of the recovery in the
3 k* z' h# X' F& d$ c4 Q$ bUnited States, Japan and other industrialized economies, and the possibility of renewed weakness8 p8 L: k& R5 S/ A
in Europe. The required rebalancing of global growth has not yet materialized.4 A$ {! h$ \$ {8 G4 O) s
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal( c- }# Z! ]6 E9 ^8 S! r7 [
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the. ] T- n7 O& e: r$ s
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
! r( i8 c" A N7 Q) Bin higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
3 _3 i& H' _& Wimportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the1 u) d8 x! e8 ?" I3 l4 O
spillover into Canada from events in Europe has been limited to a modest fall in commodity1 E1 A0 U/ U* A9 y7 ]
prices and some tightening of financial conditions.5 e& k0 x* H* E3 f
0 o. @( h& X dActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent! {, \# e- E5 e4 j
in the first quarter, led by housing and consumer spending. Employment growth has resumed.
, X8 |8 C. o$ ]3 v W5 bGoing forward, household spending is expected to decelerate to a pace more consistent with
4 r/ S- m- N" \ yincome growth. The anticipated pickup in business investment will be important for a more
. K7 X5 a5 y1 ?5 \balanced recovery.) l% M9 T$ w% G. A
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
6 T/ @; f. l$ B5 f: p$ ^: Qthe combined influences of strong domestic demand, slowing wage growth, and overall excess
" I7 \+ p4 P* I1 a/ _1 Vsupply.
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$ _, M- U! p! A, FIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and
% p9 Q0 v* |2 z' `to re-establish the normal functioning of the overnight market. This decision still leaves considerable 6 X! Y4 A" X/ P% c' h/ Z
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the 5 K+ m1 U0 R' s! Z( {0 ^
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.+ E) s+ e5 k, C
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Given the considerable uncertainty surrounding the outlook, any further reduction of monetary
5 I7 V: }- {9 R8 |+ R1 r1 N( Mstimulus would have to be weighed carefully against domestic and global economic: X3 [) U: ^; m( q/ `' c {
developments.
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Information note:0 S$ s+ Z& `3 h0 J) t# Z# p, a3 N
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
8 @" S% a: Y$ M4 ]$ ^! n7 H3 g' nof the Bank's outlook for the economy and inflation, including risks to the projection, will be
' P+ S H1 `7 N+ \# L& Hpublished 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！