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Bank of Canada increases overnight rate target to 1/2 per cent and re-establishes normal functioning of the overnight market6 p z! l) }' `1 \" I& Q, T
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OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight4 w% t2 x5 L, H* {" _
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly# V$ D8 K- E5 m6 P( D$ N3 ^+ h
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal* e U s% _! y$ W+ C4 _
operating band of 50 basis points for the overnight rate.! l% O7 U6 S) q" o" f' d1 x* [& p
# [. L! ~1 h0 I/ OThe global economic recovery is proceeding but is increasingly uneven across countries, with$ l X# C2 k3 {/ F- u' [ G
strong momentum in emerging market economies, some consolidation of the recovery in the
) E1 x' A! L" s5 d& G+ l$ bUnited States, Japan and other industrialized economies, and the possibility of renewed weakness; l- i. w/ @3 ~: G# s7 }/ j* B1 _
in Europe. The required rebalancing of global growth has not yet materialized.4 x( U$ }* E5 H6 f& u- J! p
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal
V# u0 U5 l% H: L1 sstimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the) i& w) _+ [* L, {4 W
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
# D8 S" c2 y$ |$ N3 Fin higher borrowing costs and more rapid tightening of fiscal policy in some countries - an0 p+ @: C, `, q. H' O
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the6 o, V: j+ l+ a, h+ g4 r& u. @4 m, k2 L
spillover into Canada from events in Europe has been limited to a modest fall in commodity
2 I- j4 }* Q7 f; [% {prices and some tightening of financial conditions.
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Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent7 L2 d1 N( a0 i! s0 V- P
in the first quarter, led by housing and consumer spending. Employment growth has resumed.: x1 O; }3 g5 _1 J
Going forward, household spending is expected to decelerate to a pace more consistent with
) v6 C5 |# R" }, B( ]' c% a+ Bincome growth. The anticipated pickup in business investment will be important for a more
' q; \4 F! [ M) b8 z Dbalanced recovery.% i! }8 g3 V, f
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
$ _* u$ r+ L9 e3 M! Dthe combined influences of strong domestic demand, slowing wage growth, and overall excess, I2 A1 |9 m1 Z/ z
supply.' k1 j* k1 U. \; j
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In this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and8 V3 ~+ w! [3 H) Q- K
to re-establish the normal functioning of the overnight market. This decision still leaves considerable
* K8 U: Y/ L6 S. P' hmonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the . C8 Y' y% E6 `/ ?6 u
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
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5 h, w) A! D" |1 CGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary% P$ R/ U9 Q- ]2 ~1 W a' X; @
stimulus would have to be weighed carefully against domestic and global economic
- k& Z0 v0 H8 O. zdevelopments.% U2 d! S/ t2 X0 P4 E# K' L
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Information note:
1 `) D6 K r, O0 Z7 GThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update0 B$ K; _7 x8 N6 a1 n+ W
of the Bank's outlook for the economy and inflation, including risks to the projection, will be
: B5 x% X% w) D6 }- qpublished 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！