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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) |. c6 H( ~8 f) h. J K
5 O: k& e* G3 a6 zOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight! f! Z" t' g4 v; S0 X/ C# h
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
& N& h1 v8 ^* m! [% ~5 qraised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
" Z* o) b- N" D, L8 W0 X! v a0 l) \operating band of 50 basis points for the overnight rate.* G4 b3 r/ }' Z
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The global economic recovery is proceeding but is increasingly uneven across countries, with$ x% Q* @% O; f' }6 L0 M
strong momentum in emerging market economies, some consolidation of the recovery in the
- e1 V/ J, E- b) i- O: aUnited States, Japan and other industrialized economies, and the possibility of renewed weakness1 C8 ^% l# J D ?" L
in Europe. The required rebalancing of global growth has not yet materialized.
) G Z, }3 N0 @In most advanced economies, the recovery remains heavily dependent on monetary and fiscal
; I* J8 P6 c# b/ H4 c* qstimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the+ o& M) n, h9 K
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
8 X, g7 `% y) ?in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
8 S9 Y7 x) F9 y2 cimportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the! n% O2 p6 Q' i* L3 V& s
spillover into Canada from events in Europe has been limited to a modest fall in commodity
* f/ q1 ?* E z3 b' R+ K! wprices and some tightening of financial conditions.4 x: w& z. J {3 ]6 r
L8 G ?5 P- e
Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent' ~; l& I4 f! _* D" F/ H1 i4 X+ E' \
in the first quarter, led by housing and consumer spending. Employment growth has resumed.
. U" p5 e2 G4 D1 @0 F5 iGoing forward, household spending is expected to decelerate to a pace more consistent with
% k7 S" Q% z1 d) @income growth. The anticipated pickup in business investment will be important for a more+ a* h! g# H) u9 V1 I7 ^, U
balanced recovery.
Y. c- O2 _3 @: y! U( J7 M; V) p/ M/ U% n
CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
4 ~2 l/ \3 ^& ^8 cthe combined influences of strong domestic demand, slowing wage growth, and overall excess) G/ o: z; g3 {, t4 C' P' Q# D
supply.
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8 ?& m" H( E J% EIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and; F, _5 D5 u/ ], R. k
to re-establish the normal functioning of the overnight market. This decision still leaves considerable ; Y- b* v/ D% z) |' D8 l
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
5 ]) q' ]" E; {. O2 |significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery., Q: d! v5 R, E( _3 j
* t& \7 {* M4 Y: Q5 I; {
Given the considerable uncertainty surrounding the outlook, any further reduction of monetary
" \2 T4 V' a8 L: Ostimulus would have to be weighed carefully against domestic and global economic
! B) ?( r" s2 R* u2 @9 y1 j4 e7 ydevelopments.9 u& s7 E j) h# B3 y$ R
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Information note:
* d. Z* W, [, e7 E4 l0 z0 ?The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
) q% W( I0 a# o" R2 j# n( G4 zof the Bank's outlook for the economy and inflation, including risks to the projection, will be7 W4 x) a+ m2 W+ b, o
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！