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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% B/ F/ S9 V1 M7 n
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OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight* a1 z& ^: J9 h* R$ s! f% T, P7 k7 e
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly% `6 K9 [, S/ Q& F: y, B
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal' D8 E* u' \/ ]! }
operating band of 50 basis points for the overnight rate.
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" [- S# w6 x/ N, sThe global economic recovery is proceeding but is increasingly uneven across countries, with( Q4 p. I. u! s p* W% Y8 R
strong momentum in emerging market economies, some consolidation of the recovery in the; g- l- C; _' s0 S$ \
United States, Japan and other industrialized economies, and the possibility of renewed weakness( o, [' @$ F |4 v, z! g
in Europe. The required rebalancing of global growth has not yet materialized.' A# [5 S4 G3 d. I! L
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal
( }3 b8 G* E- W) f) Jstimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
$ w4 r' u/ ^, m. L. Zvariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result+ R- ?( z3 S- }; R& x
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
% t. l8 q# F5 Gimportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
- S$ W5 P5 h5 @3 j9 zspillover into Canada from events in Europe has been limited to a modest fall in commodity
, o' M, K' \: B( f, }prices and some tightening of financial conditions.; i9 q# H5 X# X! U
2 q' E* _" s1 e$ u- J0 O% VActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent, h: V; _. S: [
in the first quarter, led by housing and consumer spending. Employment growth has resumed.; F5 |' _ \3 e9 w N. l: k
Going forward, household spending is expected to decelerate to a pace more consistent with
; Q5 W) C2 o! o" c) J* B5 W1 bincome growth. The anticipated pickup in business investment will be important for a more* S$ [ q$ b3 t# Q( L8 U0 R
balanced recovery.
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3 M- f; J+ r0 k8 ?$ dCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
: G' N% d) S. I% \2 c# S' C4 f9 wthe combined influences of strong domestic demand, slowing wage growth, and overall excess7 \% s# c# ?, ~# v, a0 B
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! T; {* G @4 w r0 ?- c* F7 w% _
to re-establish the normal functioning of the overnight market. This decision still leaves considerable % _/ K2 }; ?: V) v5 }
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
! E. ?. T: a6 c4 \5 v. B* }3 Xsignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.. L" z/ P( B1 C$ ^4 ]# W
* }+ F7 D, V' ?; YGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary" b5 c3 \9 ~# |4 E9 w, P
stimulus would have to be weighed carefully against domestic and global economic. C* T- Q" h6 _; P5 ]
developments.$ ^* O0 A5 T3 L& G E
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Information note:
" d: z* I. {% fThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
$ h8 L! P6 w* r- Y( n2 E! Rof the Bank's outlook for the economy and inflation, including risks to the projection, will be
6 Q0 }( {9 [! p0 ~$ R4 z" Vpublished 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！
