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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
1 M* z2 D! [( |rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly- v, z/ l/ c) v% c
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
; U& X2 o5 |, ~4 P2 ^& r5 X; ]operating band of 50 basis points for the overnight rate.
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% M! w" X! m# f k1 i+ }# OThe global economic recovery is proceeding but is increasingly uneven across countries, with( H; H! o5 z ]3 b
strong momentum in emerging market economies, some consolidation of the recovery in the7 U0 U, _1 U6 p5 |" @9 Y1 S- m+ i
United States, Japan and other industrialized economies, and the possibility of renewed weakness |2 b( B) P( d" F4 A, k
in Europe. The required rebalancing of global growth has not yet materialized.
& ~# J& W$ p9 uIn most advanced economies, the recovery remains heavily dependent on monetary and fiscal
( k" k& k7 Z# O% {1 o. {stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the# V- K- m. D/ O' V' i
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
5 l) I; h4 i6 ]5 w3 D Min higher borrowing costs and more rapid tightening of fiscal policy in some countries - an/ _/ [/ ~6 C( ]0 \* e) o* O) A' ~ p
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
5 g g3 u2 O+ q. P5 A5 zspillover into Canada from events in Europe has been limited to a modest fall in commodity2 |$ t4 C8 f v* N" q6 o
prices and some tightening of financial conditions.
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x R) K* Q" ?! S7 K8 \Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent! \) |0 z4 i- r9 ^2 D( b
in the first quarter, led by housing and consumer spending. Employment growth has resumed.; u/ ~ I- c( ~, l9 p2 H1 @3 {0 [
Going forward, household spending is expected to decelerate to a pace more consistent with
" F" g& S3 S- L, W/ Q5 X7 Dincome growth. The anticipated pickup in business investment will be important for a more
3 s A) W7 \4 o }$ Bbalanced recovery.7 S1 |- V3 p. X3 L$ x" b
& x0 C/ W, [6 z; PCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
2 s# X3 _6 M& @% l# Sthe combined influences of strong domestic demand, slowing wage growth, and overall excess. E( f0 ~0 g- Z
supply.
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In this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and
) e- J2 h4 M. ~to re-establish the normal functioning of the overnight market. This decision still leaves considerable 6 }9 P; T( ]+ z7 a/ u4 w7 o
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
0 g- {/ H. v% [- @% Gsignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
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- @5 ^ c6 S; Y h- ?5 dGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary
+ M& g) N' ?( U$ kstimulus would have to be weighed carefully against domestic and global economic
A$ P# { ?+ u* \- ~4 @developments.
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Information note:3 A0 ^7 d, Q0 o$ A/ o: W
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
; G: _9 r1 v4 C! vof the Bank's outlook for the economy and inflation, including risks to the projection, will be
; q( f: b! J, d1 s* Upublished 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
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