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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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6 W: y$ U6 \, K8 u/ E- w/ kOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
1 z% [$ S9 Z6 L7 ^, `( Erate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
1 ^8 \, r V2 ?raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
# ~1 |; B% r; V+ L9 Noperating band of 50 basis points for the overnight rate.
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9 ?' ~, k! ]$ ~" fThe global economic recovery is proceeding but is increasingly uneven across countries, with
, J$ e9 t% N7 ^strong momentum in emerging market economies, some consolidation of the recovery in the
8 o4 h% h% j" Q3 CUnited States, Japan and other industrialized economies, and the possibility of renewed weakness
1 j5 T4 ], b! Lin Europe. The required rebalancing of global growth has not yet materialized.
: S! V3 \: H8 ^: r; g; hIn most advanced economies, the recovery remains heavily dependent on monetary and fiscal
4 \! _: Z* C( n6 n7 u1 Gstimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the+ l3 Y# C, y7 ~+ l
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
, {- j) e& X2 yin higher borrowing costs and more rapid tightening of fiscal policy in some countries - an. z" w7 F- Y8 Q
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
3 G% N) A2 X! `) f% L* Uspillover into Canada from events in Europe has been limited to a modest fall in commodity7 b- Q" _' A/ s( M4 q, p' j
prices and some tightening of financial conditions.4 V! ~& S, o: Q% }8 b0 n5 d
, M/ T. j! \" AActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
7 P0 m" C' Y S1 hin the first quarter, led by housing and consumer spending. Employment growth has resumed.
: A/ f z5 V2 P- |* z% rGoing forward, household spending is expected to decelerate to a pace more consistent with- d: n$ T% F* {5 a) E4 r
income growth. The anticipated pickup in business investment will be important for a more& Y) v. y& g* Y2 J
balanced recovery.
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3 I0 Q- |. F; C, lCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects% m1 [$ H! F+ F' S# G, a
the combined influences of strong domestic demand, slowing wage growth, and overall excess$ f+ J% r, D7 E% V9 O3 a
supply.
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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
; y3 w) C; r2 i9 qto re-establish the normal functioning of the overnight market. This decision still leaves considerable
% j4 X1 v, S: X" e: p, [, qmonetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the 7 b$ Y, w4 H& p
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, h3 [* o: Q# G" T# ^4 ?! Q" i. U
stimulus would have to be weighed carefully against domestic and global economic
8 q! V3 @5 G* z9 Z3 }developments.4 W8 `# h# O# |( m
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Information note:) t( v* ]2 p! b U) |
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update7 e1 f; e9 |- |# B; u" j6 T2 f6 y
of the Bank's outlook for the economy and inflation, including risks to the projection, will be
. a9 V5 M5 e6 Q; p; @6 |0 j$ |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！