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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& W' W5 u) ~, \) P' F' G
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OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight# `6 x m0 ^) N, ?( {* [ V
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly i; s, b- o" v J; G
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal3 \0 e% h! f( t. c: S1 @; p% z. h
operating band of 50 basis points for the overnight rate.2 h) |% h( o6 Q
0 P3 K _" |0 u- gThe global economic recovery is proceeding but is increasingly uneven across countries, with1 G/ A \% z. v+ D7 o# i5 k( L9 w
strong momentum in emerging market economies, some consolidation of the recovery in the
; Q. r1 c4 y3 R8 x% @! R+ dUnited States, Japan and other industrialized economies, and the possibility of renewed weakness- x2 P1 I, B1 b2 w* H2 s% {
in Europe. The required rebalancing of global growth has not yet materialized.
5 g6 I5 Z; ^, b3 T I$ o( l# \In most advanced economies, the recovery remains heavily dependent on monetary and fiscal
8 e0 K( i% p# _& Y9 [6 Astimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the+ a' [9 h! p* K7 a6 V: R9 i' i
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
3 r' R- ^ }) E' W6 j0 A Fin higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
9 L' \1 w8 J# ]. ]1 R, |important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the5 m2 o! I# a' X: k, D9 ^. U5 |
spillover into Canada from events in Europe has been limited to a modest fall in commodity
P# ^) q- P# eprices and some tightening of financial conditions.. G; E! j2 I' `4 i. [! k; m9 p
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Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent3 d$ J$ I, y9 \9 }" n2 D% x
in the first quarter, led by housing and consumer spending. Employment growth has resumed.
& \$ `2 ?! r# F+ P+ ]! I+ u/ NGoing forward, household spending is expected to decelerate to a pace more consistent with
' ?7 `+ g6 p' Uincome growth. The anticipated pickup in business investment will be important for a more
4 k$ x# A: k" F- }2 P4 tbalanced recovery.$ ~' f6 O6 H% Z& T$ f
1 ~0 A8 u. t8 r ACPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects1 {5 B! w. K1 }! o/ L
the combined influences of strong domestic demand, slowing wage growth, and overall excess/ U/ b; T$ Z+ {1 N7 r
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 ~; X; n. u- G* y2 X" M% h
to re-establish the normal functioning of the overnight market. This decision still leaves considerable 2 c$ S) I- }' O1 b- p9 ~' {
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
0 v, B" a I7 m& dsignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
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: |0 a* W, [4 J2 r- dGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary0 Z, S; e# N. r- R5 ]7 T
stimulus would have to be weighed carefully against domestic and global economic5 b0 \# R$ n7 M, L4 [0 N8 R
developments.5 \/ [2 x* o* P- h$ q
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Information note:3 |. L: I t, ?
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update0 _3 M. {" x4 L/ t: ?
of the Bank's outlook for the economy and inflation, including risks to the projection, will be# a5 f: x* j! Q# T
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！