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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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( X7 R N: Y5 } n/ n# ~6 nOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
1 M0 q$ X/ ?9 ^rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly0 k* h, U1 k; S5 o. t
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal0 [ E' a) K7 c7 v6 S. N0 Z( n9 `
operating band of 50 basis points for the overnight rate.
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3 V( W+ R7 [: MThe global economic recovery is proceeding but is increasingly uneven across countries, with# z1 C8 } A% E: f3 s
strong momentum in emerging market economies, some consolidation of the recovery in the
' B, K6 D- r+ Y6 f7 c- |0 n: e6 R9 SUnited States, Japan and other industrialized economies, and the possibility of renewed weakness
2 w/ o/ m2 `) d `6 z2 jin Europe. The required rebalancing of global growth has not yet materialized.( g$ l/ x0 @$ ]6 l, I0 Y; E
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal% b2 m. v8 D( ~6 t
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
1 [* p; u/ w+ |0 H+ ~# \1 E3 Hvariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
$ y/ ~- W% j8 y+ C9 X; o6 S' Zin higher borrowing costs and more rapid tightening of fiscal policy in some countries - an5 d9 }# ~; q. K# m5 ?1 c* V
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the, ~$ e7 Y" t3 g& g8 Q
spillover into Canada from events in Europe has been limited to a modest fall in commodity' E. M7 a3 T* f: a4 k4 u" r
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 cent
( p/ t8 h' [! R: f( S6 Z! }in the first quarter, led by housing and consumer spending. Employment growth has resumed.9 [$ ?, r8 @8 T( F/ f3 W
Going forward, household spending is expected to decelerate to a pace more consistent with
6 p: V: o. E6 I! `) j/ ?income growth. The anticipated pickup in business investment will be important for a more0 V& V$ M" i: F1 z' y; w9 O' V
balanced recovery.- M7 r' {$ a# S+ y$ |
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects$ u" B. I* q: ^. `$ j) ^( Y
the combined influences of strong domestic demand, slowing wage growth, and overall excess
5 O# H) @- A5 rsupply.
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6 i. Z' d1 b2 }& H2 K) U; c7 uIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and
! b1 `: h4 ^7 i' ?to re-establish the normal functioning of the overnight market. This decision still leaves considerable $ v# p3 N8 q; N# ?* W9 H3 C
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the ( }$ s' D- Q' T' t: l$ j1 x, m
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
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Given the considerable uncertainty surrounding the outlook, any further reduction of monetary' {2 o+ g+ B: [6 \0 b% D4 @
stimulus would have to be weighed carefully against domestic and global economic& n5 l6 q \! ^* u% L
developments.% L7 V n1 W3 M# @
5 g' {0 e; K/ W$ B# l' ]6 j8 \$ f- }Information note:/ _* ?7 d X* B5 C7 m- ^/ `& a
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update. l, I3 P/ V8 `& d7 J9 P* S7 A
of the Bank's outlook for the economy and inflation, including risks to the projection, will be* e4 K% B9 z3 o& A" n9 l( X
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！