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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# ~4 H) X: `# k6 b( f& L
1 y! ^. r3 W- {OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight& i9 ?2 t$ U9 e, j0 [" r
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly$ {+ A2 a% B8 e0 [2 `
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal0 v: m% o* F7 w2 N, N: K# H
operating band of 50 basis points for the overnight rate.
0 |% [6 S* F3 G7 Y
0 F6 U' P) W6 m O3 TThe global economic recovery is proceeding but is increasingly uneven across countries, with
8 {7 v8 u5 t* lstrong momentum in emerging market economies, some consolidation of the recovery in the
/ _, c5 d$ [8 S+ |United States, Japan and other industrialized economies, and the possibility of renewed weakness8 h: d$ I# i: x+ t [7 j2 c
in Europe. The required rebalancing of global growth has not yet materialized.
9 ~! Y0 ]3 I2 Q3 p% K0 C% HIn most advanced economies, the recovery remains heavily dependent on monetary and fiscal5 l8 G% ]: a$ ~3 c
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
* D$ j: x$ S& Z/ Svariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
0 n& G9 ^# o3 p5 b- q; Kin higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
. t, A0 }1 u' p$ b ?0 t& _important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the) Y( H0 G I( f
spillover into Canada from events in Europe has been limited to a modest fall in commodity7 F+ K' Q7 c5 r( u; N5 h
prices and some tightening of financial conditions.2 o/ ^) _8 g, H* }2 b3 R- H5 c
6 v- ?$ ^+ F0 Q* y
Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
5 z8 O3 D7 i- J3 min the first quarter, led by housing and consumer spending. Employment growth has resumed.
. P8 M3 [9 j. `5 k; P) G. F0 CGoing forward, household spending is expected to decelerate to a pace more consistent with7 v/ A4 J0 _& m7 h4 o% t. p
income growth. The anticipated pickup in business investment will be important for a more: k, ~. ]% j4 ]+ f8 Y
balanced recovery.2 Z: ?9 [* H6 `. J2 R/ g+ p; ?
/ r- ]8 ~0 u/ v) zCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects- m7 O- F1 d: E/ D
the combined influences of strong domestic demand, slowing wage growth, and overall excess
( R- F6 _ r9 n) O3 Ssupply.# b* F8 V# f+ R1 H! x7 `. U/ _
3 l3 h6 V! h# x! mIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and
5 J3 S% h: u0 t/ E2 T9 }to re-establish the normal functioning of the overnight market. This decision still leaves considerable
/ J g9 `% P* umonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the # q& R( E- V4 t
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
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/ Z- q. E# V2 a8 w7 s% U9 rGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary7 S! N, c) Z! |, O
stimulus would have to be weighed carefully against domestic and global economic, t/ k) n* c$ L. G2 W" r% u$ a
developments.
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Information note:0 p; P# Z: I2 s6 Q! C/ K/ v
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
. n) S \: K. X2 f$ Hof the Bank's outlook for the economy and inflation, including risks to the projection, will be* a" {5 i8 S9 l/ Z# p0 Q0 b/ J% m9 R
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！
