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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' B T3 S% W6 d3 N5 _" R
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OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
f! d/ ]2 w N( Lrate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
: W! ]( c. v0 Graised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal/ J |5 p8 P7 @2 G) L, S9 F& h
operating band of 50 basis points for the overnight rate.
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The global economic recovery is proceeding but is increasingly uneven across countries, with) y* r1 y# [4 r# v* G, |6 O1 b
strong momentum in emerging market economies, some consolidation of the recovery in the
8 s# @1 y3 H [+ OUnited States, Japan and other industrialized economies, and the possibility of renewed weakness8 v/ Z. N3 a2 E- q1 r( Z1 d
in Europe. The required rebalancing of global growth has not yet materialized.! _+ ?+ D q" e% C
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal3 \; v( o" k9 Q6 C7 X S7 b
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the8 B; M6 v. `0 E4 N7 B$ L
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
" ^, `7 d5 @1 P" [- n5 {& M; ^in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
( I8 u6 U5 V6 T6 Y3 iimportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
7 r1 B/ t% j( O* ^& B& }* Uspillover into Canada from events in Europe has been limited to a modest fall in commodity
7 n z# L7 R8 eprices and some tightening of financial conditions.4 x9 L0 H( Y% N; ]+ D7 p: f: f, ?
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Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent9 j% L5 e( n }9 n, i- y) E
in the first quarter, led by housing and consumer spending. Employment growth has resumed.; A, Y1 [" k& [* X
Going forward, household spending is expected to decelerate to a pace more consistent with4 Q8 [- R7 U% T. W1 Q
income growth. The anticipated pickup in business investment will be important for a more" k( z# k0 b. R6 o: f' e
balanced recovery.
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
' _8 y: {4 E* F* f# L' ~8 Ithe combined influences of strong domestic demand, slowing wage growth, and overall excess
q7 i( F( M7 x% ~supply.% [3 m# T: v* l7 d$ _4 R8 {
6 {: m: L7 b1 `In this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and" C6 G# p4 i# e" Y
to re-establish the normal functioning of the overnight market. This decision still leaves considerable
+ P% g, l8 A/ ~. f9 i4 Emonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the 1 y0 B' w0 ?3 A& W" q
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
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5 Q$ [: M9 [* |1 m2 `% ~. L7 {Given the considerable uncertainty surrounding the outlook, any further reduction of monetary
% F$ a6 n% F* V+ G; N% |0 tstimulus would have to be weighed carefully against domestic and global economic
$ S9 ^* y& |" _- @2 c: T; mdevelopments.3 \/ j. x/ h* p) C0 O, ?9 }$ _( d
) b' f' B* c- b$ CInformation note:
8 k) C$ M, p+ SThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
2 ~0 m& p9 k3 H" S3 r% |of the Bank's outlook for the economy and inflation, including risks to the projection, will be- r: H; w x$ ]! n7 s4 n8 f
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！