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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, t7 H/ D) R# L( {& H$ x
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OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
# y$ s Q6 V1 o3 Grate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly+ N7 ?+ L$ R) J4 ^! A3 G
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal( G$ L# G+ h7 F: @) i
operating band of 50 basis points for the overnight rate.
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The global economic recovery is proceeding but is increasingly uneven across countries, with
0 o8 g! m* ]$ U* H# v( Astrong momentum in emerging market economies, some consolidation of the recovery in the0 J8 p( t7 X2 z# x& m z( I, V: M3 V5 u% p
United States, Japan and other industrialized economies, and the possibility of renewed weakness
$ C# e9 ?" q5 J3 {. Y. v# F7 win Europe. The required rebalancing of global growth has not yet materialized.
) m; I/ a- r7 G2 n" i. W5 kIn most advanced economies, the recovery remains heavily dependent on monetary and fiscal
. J- |1 z; I$ Z7 I9 K- Y: @stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
8 y; y y6 D9 [1 b& R7 Hvariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
, q4 x. B9 \- n. zin higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
2 Z; g/ S. I: h8 A1 vimportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
; ]" f7 n$ \+ w7 K: g5 Z7 `+ Pspillover into Canada from events in Europe has been limited to a modest fall in commodity' D# C+ _1 A; [" [' g+ Q- s
prices and some tightening of financial conditions.9 U @6 z0 r; \! X2 \
1 E# F6 Q- n9 {9 b$ mActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
/ q' L |/ {0 R* F- L ]# Z$ }in the first quarter, led by housing and consumer spending. Employment growth has resumed.% L: M& m. x7 k) q6 d$ G' @
Going forward, household spending is expected to decelerate to a pace more consistent with
4 d, d4 Y1 Z0 D \/ A6 Vincome growth. The anticipated pickup in business investment will be important for a more0 b& ?" P3 E; V
balanced recovery.+ c; Y r% ^5 L
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
% C% t0 O1 D- L. O$ n$ a1 Y# Wthe combined influences of strong domestic demand, slowing wage growth, and overall excess+ S. H+ X {; i5 C
supply.
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, n. G& W9 c' Z" \- L7 ~In this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and
c* }. o {' I3 v0 d( [; fto re-establish the normal functioning of the overnight market. This decision still leaves considerable . A5 L5 c9 f( ^4 y9 l+ N/ K
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
# V: {; @- u. M8 o6 asignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.1 ]6 X$ o8 _) R# j* f3 G; Y5 z( L
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Given the considerable uncertainty surrounding the outlook, any further reduction of monetary
( B+ I" ~, p6 J6 S ^- {7 @stimulus would have to be weighed carefully against domestic and global economic& A5 m0 F9 N _* h: M
developments.6 U& v. P# j0 o+ N7 \
& _% A$ f; D7 Z/ y c4 T; w5 |Information note:
% h1 y# j! l3 D6 n& g1 Z" vThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
# w8 t3 y5 t W. p5 ?of the Bank's outlook for the economy and inflation, including risks to the projection, will be# q; m: D! p- g) _" n5 H
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！
