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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
/ q. \* U- p% y/ nrate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly7 ~& k. ]/ Q! S" Z0 m+ Z
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal4 ?) A" k: r- c0 b2 u- W) `$ b
operating band of 50 basis points for the overnight rate.
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( p; L( v1 a' IThe global economic recovery is proceeding but is increasingly uneven across countries, with6 u5 ?3 h0 S5 F* y4 Y
strong momentum in emerging market economies, some consolidation of the recovery in the
6 S& N) P9 J$ K7 d. \7 uUnited States, Japan and other industrialized economies, and the possibility of renewed weakness
- _; R+ m0 y) O0 c# cin Europe. The required rebalancing of global growth has not yet materialized.$ [! [' q7 a0 [6 t/ k* q& p
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal
; T# A" N5 l Z2 ?# I3 G( G) d% nstimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the% d( F# c5 f6 h) G. C9 z% D
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
2 V m$ h' A4 h7 T0 g5 B4 Vin higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
; w' x2 S' \; Z7 M6 uimportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the5 ~& B/ _- P5 k
spillover into Canada from events in Europe has been limited to a modest fall in commodity& t# F5 \. _( S7 q; X/ e
prices and some tightening of financial conditions.. r. \9 `, _/ g$ {# m" M
; s2 W& H2 v/ a: OActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
. d4 Z5 i* V# R8 a: O" nin the first quarter, led by housing and consumer spending. Employment growth has resumed.6 g5 `0 x9 U5 m" v* B3 X
Going forward, household spending is expected to decelerate to a pace more consistent with- D( {- f+ u3 K- [$ h f: X) p
income growth. The anticipated pickup in business investment will be important for a more0 m$ d4 P3 [8 |8 I7 {
balanced recovery.
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
2 ^# @+ a1 ?) K' F& V) Uthe combined influences of strong domestic demand, slowing wage growth, and overall excess
& c" r& H* D2 E2 Csupply.
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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* w6 r+ L& q" K8 ]
to re-establish the normal functioning of the overnight market. This decision still leaves considerable
) V" s3 U* H ?monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
& K1 e$ ?2 {! P6 ]significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.4 ?$ a# W9 N# ]& Y1 p
' M4 l7 q5 b1 d- jGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary
4 F. S8 h- q$ J8 p0 I/ Rstimulus would have to be weighed carefully against domestic and global economic
! A) A+ g. U: ^4 Ldevelopments.
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Information note:; q& z- L1 _: ~* M3 P6 X, ^
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
( e. @1 c6 y* F9 w: Rof the Bank's outlook for the economy and inflation, including risks to the projection, will be
0 H6 S: Y8 J/ _published 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！