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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 overnight9 M" Z4 o: \2 d( \; N0 k6 y0 o7 O" }
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly: H3 c# X5 Z+ R! w0 I$ ~, n6 ^
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal6 y! `7 B* N o c4 ]$ m. v1 u
operating band of 50 basis points for the overnight rate.
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' D0 S4 Z. A6 ^4 d/ ?* D9 s: uThe global economic recovery is proceeding but is increasingly uneven across countries, with( T: S8 k4 M H$ G
strong momentum in emerging market economies, some consolidation of the recovery in the4 q! ~' B" e2 r* F; ]: u+ ]! a+ U
United States, Japan and other industrialized economies, and the possibility of renewed weakness4 K& m6 v. I4 ^* M
in Europe. The required rebalancing of global growth has not yet materialized.
1 R% B' k Q3 I' t+ ?In most advanced economies, the recovery remains heavily dependent on monetary and fiscal
, R! @# Y2 ]# Z, ^# A6 \stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
2 g' r3 x' |5 k$ b! I) Rvariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
' }( _2 D, M; ain higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
7 n4 B, `$ H8 {3 F; dimportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the! G/ n6 E! _+ O) O- l7 o. y
spillover into Canada from events in Europe has been limited to a modest fall in commodity0 m2 E) O0 w9 R+ U2 i- o8 `# {
prices and some tightening of financial conditions.
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& U9 k5 Z k6 m8 J" X( }Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
+ x& H. b! k5 A, x& din the first quarter, led by housing and consumer spending. Employment growth has resumed.
" Q1 l* t6 m7 \Going forward, household spending is expected to decelerate to a pace more consistent with
$ n6 G+ F( ]7 X3 Vincome growth. The anticipated pickup in business investment will be important for a more* g; i! S9 L, ?0 P3 Y
balanced recovery.- C8 l6 b, x" r
2 B- s) k* D$ b. p# h4 K7 E/ JCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects7 m' x7 i$ \$ p' I3 d/ f
the combined influences of strong domestic demand, slowing wage growth, and overall excess$ x5 q9 k. U! M6 i u8 o% W2 `0 }
supply.; z7 {) J' C8 c/ W* }, Y4 r# U7 {' D( ~
; [- b" ~8 m+ @7 P7 hIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and
' a% G3 D2 L( Mto re-establish the normal functioning of the overnight market. This decision still leaves considerable
3 P& h J8 p. h. Wmonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
5 A3 \) Z' X% C [/ v' k6 Ysignificant 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
: T5 {/ {/ O- xstimulus would have to be weighed carefully against domestic and global economic2 c$ l6 d7 p& [* C$ P% a
developments.
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l2 B5 }% P3 t# O) e0 ZInformation note: h: l7 V: w2 Q; t+ Y2 y% s! _
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
" {+ p* \% p8 [* qof the Bank's outlook for the economy and inflation, including risks to the projection, will be0 G1 g- `0 _9 x! v/ @: ~
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！