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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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D/ i2 ?0 z, ~, T; X3 h, DOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
# Q9 j7 b: p2 K) k1 xrate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly/ |1 i# d- V- S# r/ m, Z7 q
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal; v- I% i9 F( T7 }- `
operating band of 50 basis points for the overnight rate.8 W8 P8 m- C0 u5 X6 i% L; _) Z* R
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The global economic recovery is proceeding but is increasingly uneven across countries, with
/ F; z5 m M( ], b bstrong momentum in emerging market economies, some consolidation of the recovery in the, G* v0 Z( U" q& S" L) @
United States, Japan and other industrialized economies, and the possibility of renewed weakness1 \& R& f8 k' J
in Europe. The required rebalancing of global growth has not yet materialized.: |! C9 D, M/ |3 c
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal- e8 V; u) |* J0 g" B4 ^4 \
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
2 }% t" Z/ Z, V( O9 }variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
* c' i2 m( P( B5 x! ?3 Tin higher borrowing costs and more rapid tightening of fiscal policy in some countries - an6 Q8 g3 M$ f8 E! [: { I0 r( `' ]
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
0 L. G, Q3 |& ?% `5 V. b# `spillover into Canada from events in Europe has been limited to a modest fall in commodity" B6 X; V6 y) P
prices and some tightening of financial conditions.. h3 K8 H" ]2 P& f# [8 _3 k
6 j7 w+ M' K. b: L/ UActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
6 q. u \2 H. \' ]( F0 uin the first quarter, led by housing and consumer spending. Employment growth has resumed.
1 k8 F8 J/ u6 B' O* [1 _$ O% |2 QGoing forward, household spending is expected to decelerate to a pace more consistent with( b+ c" @3 ~; R4 h' f1 |: M- ~
income growth. The anticipated pickup in business investment will be important for a more
1 j2 I7 r0 {& v9 W- K# }2 gbalanced recovery.
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$ g( u `7 ~/ ]4 M8 E, }* Q G: RCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects8 H/ N1 {0 `* s6 \% X0 x* z* O
the combined influences of strong domestic demand, slowing wage growth, and overall excess) S' r2 A' }8 s' f U+ v
supply.) ^$ @5 |) {# ?& j- @# c n
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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
( ~# J A% J- O1 X" l: @5 A) ato re-establish the normal functioning of the overnight market. This decision still leaves considerable
, q* H& p: `* x3 v$ I7 D% Pmonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
. F+ E1 T& s& k4 l' psignificant 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 monetary6 u6 y; y$ G; t0 Z
stimulus would have to be weighed carefully against domestic and global economic
$ j, V; S: G$ F# J. ^1 }7 Edevelopments.; B% @1 H4 R# t0 Z4 x
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Information note:' c2 ^* ^9 S; k/ V
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update9 I2 z( _6 D7 m
of the Bank's outlook for the economy and inflation, including risks to the projection, will be
D: e. R0 I) F; |4 r3 @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！
