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Bank of Canada increases overnight rate target to 1/2 per cent and re-establishes normal functioning of the overnight market8 _7 ~3 E, u1 G! a" s
' n2 f+ ~9 \. j: pOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
& u n z4 I& u$ a8 W+ k% L) ?6 }rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly. O( f" ]8 O' Q( n0 j' W
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
6 E- [. y" `# o3 boperating 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
v [9 H- }5 _( K- D" N% {& U% T2 zstrong momentum in emerging market economies, some consolidation of the recovery in the$ O/ H" y. i' p- ?) i
United States, Japan and other industrialized economies, and the possibility of renewed weakness; R- [+ m5 H, z: }7 ~- q
in Europe. The required rebalancing of global growth has not yet materialized.
* I5 N Q$ N1 w3 k8 T2 C" FIn most advanced economies, the recovery remains heavily dependent on monetary and fiscal
; b7 m2 H8 {5 [- y6 X. O0 x4 M1 ystimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
1 Q/ r: v" K0 b9 P" ]7 u" P/ H3 Y: pvariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result: G" N5 L1 y# `$ }1 U
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
1 C+ ~9 |" j" N" `important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
& x4 k2 I3 N6 Y$ h2 ?' Sspillover into Canada from events in Europe has been limited to a modest fall in commodity
! z2 [) P% V; f: a4 uprices and some tightening of financial conditions.3 O0 l5 H1 r3 V y/ T: E
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Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
! {4 N7 h; v, h L! W1 t' G7 e& ]in the first quarter, led by housing and consumer spending. Employment growth has resumed./ y! O6 _8 j5 S& r
Going forward, household spending is expected to decelerate to a pace more consistent with7 v& e* k8 V2 k, b% p
income growth. The anticipated pickup in business investment will be important for a more
: U2 o5 \$ y1 V1 R+ K& K( f: lbalanced recovery.
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
$ {! v5 Q9 I1 h$ o+ `" vthe combined influences of strong domestic demand, slowing wage growth, and overall excess
5 h" d& _8 j! z) Gsupply.
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9 n. Z5 n. Z- r' O+ PIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and0 e9 ]2 o0 u3 ^
to re-establish the normal functioning of the overnight market. This decision still leaves considerable
0 o% ?1 R* H- C# o5 Dmonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
4 d9 D' o) F1 R5 z0 z& Fsignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
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Given the considerable uncertainty surrounding the outlook, any further reduction of monetary7 B U$ e( @& I1 `
stimulus would have to be weighed carefully against domestic and global economic
8 C, K! s h8 Q6 P. Xdevelopments.
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( \/ ^2 f$ N8 Y$ d' kInformation note:
0 z2 [: i J3 p$ aThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update$ l# c4 i3 e+ @+ S1 J% ]& X4 {
of the Bank's outlook for the economy and inflation, including risks to the projection, will be
7 ?; Z% q7 v! T# \3 A, k) Cpublished in the MPR on 22 July 2010. |
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狗仔卡
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！