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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) Q9 k' d& V% d6 V. `8 q/ U. h/ T* E
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OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight8 c g, N3 {; |0 F N8 @
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly' l+ z1 e1 x3 \) t( Q& w7 c; C
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
; r1 v0 F. j+ i2 G' Ioperating band of 50 basis points for the overnight rate.% G- F W/ M0 f1 {, Q8 h/ A! y
# ~" j5 I' [0 k- |The global economic recovery is proceeding but is increasingly uneven across countries, with
5 q: W( y' h& s+ F& X5 F7 z% astrong momentum in emerging market economies, some consolidation of the recovery in the
# @- o. z& g3 W5 S( [+ WUnited States, Japan and other industrialized economies, and the possibility of renewed weakness
2 ?: K+ d- |( y# m. F7 \/ cin Europe. The required rebalancing of global growth has not yet materialized.& g) U" v G+ ?) c7 B) s; I. B) I
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal
6 y& t8 \- @. A0 p3 G0 o6 M, ystimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the: `; f b+ h1 X+ x6 _
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
+ h6 U: ?6 \. \: \in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an; i5 u7 t" Z; |) ]
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the4 d( M, H3 ]" k. b) {
spillover into Canada from events in Europe has been limited to a modest fall in commodity. l' s0 Y0 T4 ? i5 P* l
prices and some tightening of financial conditions.
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7 |$ b/ c) P3 v* gActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
! ]1 h+ e3 | @) Win the first quarter, led by housing and consumer spending. Employment growth has resumed.
; |! v( q7 r. x" f6 h' Y; gGoing forward, household spending is expected to decelerate to a pace more consistent with! I5 Z# P: M- T5 [% a
income growth. The anticipated pickup in business investment will be important for a more
2 y% N0 X. e( b {, Gbalanced recovery.
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects7 i3 p4 ~6 D7 @! K
the combined influences of strong domestic demand, slowing wage growth, and overall excess
' `1 B: x! }5 Y4 a$ Rsupply.
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! m F& J) d6 k5 x! j4 AIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and
L9 r3 c! c8 z$ D6 Cto re-establish the normal functioning of the overnight market. This decision still leaves considerable + u. B) L E$ Q _, e% i' R
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the # e3 S) K) x& ?" `6 n. x
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery." z X ^! o2 {
4 e( Y0 y& [1 N l' c1 {Given the considerable uncertainty surrounding the outlook, any further reduction of monetary
1 D- _% I% \' D8 w) ]stimulus would have to be weighed carefully against domestic and global economic9 e2 L1 H3 q6 {& |2 S
developments.9 m# u8 u" L0 ?$ P. A2 O; f. _. j2 f
9 m" L7 D* t; z% L( p6 x/ xInformation note:% l8 C3 S; m& x6 V
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update/ g5 K3 |+ }0 W8 w+ G+ }+ R
of the Bank's outlook for the economy and inflation, including risks to the projection, will be
7 d( S+ P' i, }" v4 j* M0 `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！