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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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OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
$ e. v' c5 r" ~% ?rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly% K( _) d# `1 W$ M/ m/ `1 ^# w T$ j
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal- z' s3 B5 [6 l H
operating band of 50 basis points for the overnight rate.) t2 E! W& J4 w9 f2 u: W
, Q9 K8 @$ Z# D# E7 g5 P8 IThe global economic recovery is proceeding but is increasingly uneven across countries, with
1 R/ w9 x9 d% s* k7 \strong momentum in emerging market economies, some consolidation of the recovery in the& Q* B6 L N. e A4 k
United States, Japan and other industrialized economies, and the possibility of renewed weakness
: x( h) p- d5 ~ r+ {4 Oin Europe. The required rebalancing of global growth has not yet materialized.
. w( b. V( s( ?9 ~9 e* ~In most advanced economies, the recovery remains heavily dependent on monetary and fiscal
+ \1 T' J, T* _5 O% J. _3 gstimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
3 w# Y1 q" [$ n0 q6 M, Avariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result% Y2 G. [/ |/ q( l
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
$ [& [2 ?0 W7 eimportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the* s4 M/ A$ f' C! t+ q
spillover into Canada from events in Europe has been limited to a modest fall in commodity d6 M: \7 N) T2 r, J! h( ]
prices and some tightening of financial conditions.
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) W5 p5 `4 m K) uActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
4 c, Q( c$ k5 G. A; ?$ x, |. k4 H, N/ Jin the first quarter, led by housing and consumer spending. Employment growth has resumed.
+ v4 J" @5 x1 h+ AGoing forward, household spending is expected to decelerate to a pace more consistent with
& `) Z/ p7 |- m" j$ {( W& E9 sincome growth. The anticipated pickup in business investment will be important for a more
% k$ L, f! R& N. z/ t+ g. t3 ^balanced recovery.# e4 m# @% Q5 R8 u8 |; X
3 y! w8 C! f) a5 m& fCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects8 E9 _1 ?. P Z) ~% b
the combined influences of strong domestic demand, slowing wage growth, and overall excess
2 ^. x Y, t1 G0 q, Dsupply.
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O8 O0 ^: g1 X' M& ?In this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and
, }" n3 z% T& t0 C0 Ato re-establish the normal functioning of the overnight market. This decision still leaves considerable
4 b/ j3 H7 P) }7 [6 y5 d' Z2 x+ Bmonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
1 Y% x' r2 l, W, ]) x; ]) E' b" Bsignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.* a2 E- x N# x) S7 @% S1 ^3 ] t
+ r* L% T4 i# z! hGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary
8 G4 n z* l* ]% U' U% ~4 }stimulus would have to be weighed carefully against domestic and global economic
$ K% X Q3 o3 A3 S/ {$ r( Ydevelopments.4 D: {. ?4 l! |: I( ]; d
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Information note:
" C9 N- B& f( Z8 rThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update3 x! N6 m1 I$ C6 ~9 ^
of the Bank's outlook for the economy and inflation, including risks to the projection, will be
3 J" n! m# O% F, ^& C' i4 o( tpublished 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！