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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+ ?! ?, e! ?' p) G4 ~
- p Y4 M# P6 y9 o* `OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
+ a( p& i& U" \2 n1 |, Y" wrate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly+ |3 [2 T" T5 p1 C
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal1 L% i; T& D: ]$ B5 H
operating band of 50 basis points for the overnight rate.
) o* D7 W" k) U( s- Y. @/ Z$ F5 L' B7 o2 P& o% f0 w5 `0 X: ]
The global economic recovery is proceeding but is increasingly uneven across countries, with4 D# r; F$ R3 ?
strong momentum in emerging market economies, some consolidation of the recovery in the0 D& j& n7 A: m, w" M
United States, Japan and other industrialized economies, and the possibility of renewed weakness% t- i9 l, n' ~+ l( f7 R3 a; U' M
in Europe. The required rebalancing of global growth has not yet materialized.
" y4 a! T$ j- U" E' UIn most advanced economies, the recovery remains heavily dependent on monetary and fiscal4 B1 P2 Q2 \; {' l) ^% C R: `
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
' ^9 m, R2 ^; A) q, Wvariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result" F1 ^+ m- }5 Y/ x
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
/ [) P7 c/ F& `important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
& I" J7 B0 n& J9 ispillover into Canada from events in Europe has been limited to a modest fall in commodity
7 J4 x& f/ _; S. H7 d2 i7 `prices and some tightening of financial conditions.
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3 v5 Y/ m C3 ~" M) ?( sActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
) A6 H! G$ }/ k4 {1 Rin the first quarter, led by housing and consumer spending. Employment growth has resumed./ f r; N9 S% [1 H3 b4 y
Going forward, household spending is expected to decelerate to a pace more consistent with( e1 X6 |8 D9 Z& |6 u
income growth. The anticipated pickup in business investment will be important for a more
o/ A1 z/ v# [7 V" Sbalanced recovery.
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2 O: N3 Y' y0 C( K3 A# v# vCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
" n7 {. T# O* R0 l, Mthe combined influences of strong domestic demand, slowing wage growth, and overall excess
+ _; Y$ S0 o# d( k$ S6 e H6 Csupply.
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In this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and
; S B9 J5 B8 D) Hto re-establish the normal functioning of the overnight market. This decision still leaves considerable
; K9 l" x% \/ y. K0 Hmonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the 4 i4 \8 N7 J q$ K% N D5 Z- a
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
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) ]% |% h, D) x* l: a0 h) S1 b$ MGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary$ s+ u1 L, V9 `: X f5 U) b% K
stimulus would have to be weighed carefully against domestic and global economic
% H7 D) f5 J: b8 Q- k" bdevelopments.
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Information note:$ F6 c: C! y! W" c6 j# q( L
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
& ?" B/ W3 e' H, ]( K3 D7 W# C* tof the Bank's outlook for the economy and inflation, including risks to the projection, will be. r* M$ ], |1 ]: F. 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！