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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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; z# _1 a" d7 R! ^) {# eOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight, V, x0 Y4 q( U) w
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
1 n' K" }8 j/ O- b) k8 R) fraised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal/ v9 ]3 |2 _5 y1 |
operating band of 50 basis points for the overnight rate.6 X, a! o& R9 W- G l" o. r) l/ ]4 H
( h% N6 u. v7 v# E2 }The global economic recovery is proceeding but is increasingly uneven across countries, with" l( L7 E8 p& w- t8 L) }" {
strong momentum in emerging market economies, some consolidation of the recovery in the
5 g9 y) P# f' YUnited States, Japan and other industrialized economies, and the possibility of renewed weakness
% Y; |# I! d" t7 ]' u; rin Europe. The required rebalancing of global growth has not yet materialized.
1 d7 I6 C3 i( i1 }/ J) MIn most advanced economies, the recovery remains heavily dependent on monetary and fiscal
* e2 x+ Y( M6 S* O+ B2 Xstimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the5 m. S V6 c+ O) o* w. |/ h7 h
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
- N" l# W& L, |* Z2 B/ \1 Gin higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
5 V: J) a2 T+ A3 p1 dimportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
5 L, L( w( {4 L2 @# _5 O2 o; u3 sspillover into Canada from events in Europe has been limited to a modest fall in commodity' v$ B w9 o6 H. {( J/ \
prices and some tightening of financial conditions.
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9 c0 s$ [, G. c% x, V9 N; o! A0 sActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
) e8 d7 w6 o5 s( @& bin the first quarter, led by housing and consumer spending. Employment growth has resumed.
* T) t7 I1 Z* }7 s3 GGoing forward, household spending is expected to decelerate to a pace more consistent with! P$ F$ I) U# L+ b3 P% I
income growth. The anticipated pickup in business investment will be important for a more
' c! K3 U1 F6 `, ubalanced recovery./ P$ O Z; k5 I1 [) B
( a' [$ V; A& [. h/ r% C+ lCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects$ t! k+ C w- i" w. o7 f0 ~
the combined influences of strong domestic demand, slowing wage growth, and overall excess
& P: K* p4 x0 f3 J3 k+ A T9 Wsupply.
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9 y! S. Y8 D8 ?& u1 f. y6 C0 CIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and7 ~7 r4 {! T6 H8 Z# r ]4 h
to re-establish the normal functioning of the overnight market. This decision still leaves considerable % B% U. W5 {& {* V& r6 P7 w: K
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the 0 [8 Y- ]; x5 `' J, Q
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery., ?- h3 Y. d. X/ M
3 l* t. z. G" {& W. c5 m3 C @Given the considerable uncertainty surrounding the outlook, any further reduction of monetary& x( _5 r Y. C; l
stimulus would have to be weighed carefully against domestic and global economic
4 w7 j3 y: U& |# q' i0 y. Sdevelopments.9 S r( r8 _3 O+ t7 x9 g8 i
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Information note:
! `$ H) t' l% ]6 tThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update$ D9 o# z8 V3 j; T+ J$ }
of the Bank's outlook for the economy and inflation, including risks to the projection, will be
4 ?9 I( Z8 r! m( [+ B& q" G$ zpublished 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！