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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
1 I: d" A- V5 N. U3 ?5 wrate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly6 p3 }/ M% @+ P5 {4 d
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
9 s- ] a& ~0 D' P5 x0 Roperating band of 50 basis points for the overnight rate." p" e- c8 @/ z( P. L( A9 F' W
; A( r5 W! V4 w' M+ oThe global economic recovery is proceeding but is increasingly uneven across countries, with& w* b/ e- z* F9 {8 k
strong momentum in emerging market economies, some consolidation of the recovery in the
; c! ?$ a# O9 J/ _United States, Japan and other industrialized economies, and the possibility of renewed weakness
6 n h' u' }9 ]. M3 j; W7 \# Bin Europe. The required rebalancing of global growth has not yet materialized." V7 r+ d% w4 g# ?; j1 ~5 F9 V. Z
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal: t& J( p+ ?, T/ B
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
/ ]9 V" x; d3 ~# y8 m7 D6 Jvariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result0 p1 _1 K, D5 T! B
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an4 r" R3 t0 c. U, z& }
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
1 d' M/ W+ {1 a3 A& Yspillover into Canada from events in Europe has been limited to a modest fall in commodity% r( v$ ~' N9 t5 M0 P5 q- c
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
; [ G/ R, x, m" e- u3 Q8 k' win the first quarter, led by housing and consumer spending. Employment growth has resumed.
P; i! f& m& P( DGoing forward, household spending is expected to decelerate to a pace more consistent with
) j4 z+ `9 ~* D" h9 Fincome growth. The anticipated pickup in business investment will be important for a more4 s' H- D5 K/ l, y
balanced recovery.: n {2 ^; t5 F3 @ [0 x9 k2 I: y2 w
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
. ^8 R, j! W* M0 N2 y cthe combined influences of strong domestic demand, slowing wage growth, and overall excess
& G+ m; ~, v% O( Qsupply.2 [5 S5 ~& C7 l: T# G
( T* E5 B$ E# \9 ZIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and2 u9 u! @8 D! l4 _+ }
to re-establish the normal functioning of the overnight market. This decision still leaves considerable % {% z2 S+ p0 d' H6 _+ T9 `. n
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
% R$ d; @' e6 u# S, m* a; Tsignificant 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
; \# |/ M! M: c( i1 S, Mstimulus would have to be weighed carefully against domestic and global economic
/ Q! B7 A6 @* o7 e/ C0 f3 adevelopments.
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Information note:+ t( f/ W' B; A1 T. z
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
# H! ^8 U4 i; }% o2 ]" ^0 ]of the Bank's outlook for the economy and inflation, including risks to the projection, will be
- s8 ~2 d( j" c; `% ], _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！