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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: w) H4 K+ ]" ~1 J2 x- I
* E5 ] K1 i9 A6 y7 Z# E7 ?OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight6 J( h. O5 h1 m& b4 j
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly# o5 ?6 n" I5 `- s: O y* y) }
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal8 ~3 l, S7 y" e- m7 \4 q* P
operating band of 50 basis points for the overnight rate.
; | U4 R6 l8 K
6 G0 A" s( E W5 T% O- c2 X/ R3 kThe global economic recovery is proceeding but is increasingly uneven across countries, with6 m3 J$ M: S% @. I
strong momentum in emerging market economies, some consolidation of the recovery in the
. q- P; e% \0 g" P( `/ mUnited States, Japan and other industrialized economies, and the possibility of renewed weakness1 t0 x. \# Z. l8 m u8 M& G
in Europe. The required rebalancing of global growth has not yet materialized.
+ E% y: ?- y* m i9 @& C0 i2 L1 ~: xIn most advanced economies, the recovery remains heavily dependent on monetary and fiscal
8 y5 s) ^7 T% O. ?stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the: g: d0 J% ]4 q6 A; w
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
+ m" \. Z- R/ j8 ?: b* K1 pin higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
2 r' c1 Z T7 z! s9 f; c+ V% d1 Eimportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the* c3 Y/ D; ~! c. _
spillover into Canada from events in Europe has been limited to a modest fall in commodity$ @5 X( N2 H1 O9 l+ Z3 h
prices and some tightening of financial conditions.5 X; q( `3 L- s+ o$ v
9 N' l) `$ I- _8 {
Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
5 K) F" V+ W3 uin the first quarter, led by housing and consumer spending. Employment growth has resumed.0 m5 Q( S1 s% x, Y
Going forward, household spending is expected to decelerate to a pace more consistent with
4 `3 s* u! B2 F! zincome growth. The anticipated pickup in business investment will be important for a more+ }5 q; B2 M' R- [
balanced recovery.
" n `2 k. r; N+ N
0 [1 o7 W/ x8 {( WCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects* s; l& n9 ^/ L. F4 {
the combined influences of strong domestic demand, slowing wage growth, and overall excess8 u0 {$ D1 e' Q: X! I2 a+ V! w
supply.. I) \: E8 z. p
2 S# V3 L6 G0 k& ?
In this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and
: o1 M0 y! h0 h) H1 l2 e" gto re-establish the normal functioning of the overnight market. This decision still leaves considerable # ^' M- f4 x5 q5 Z3 J6 o" z
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the ' J7 E) d1 g+ i
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.# a; }. M8 _) P9 V' n" ^. ~
5 Y3 `! v& B5 M) @5 ^3 Y' G3 _
Given the considerable uncertainty surrounding the outlook, any further reduction of monetary
0 ~% X/ w3 R8 R0 H& O% ]9 X% Istimulus would have to be weighed carefully against domestic and global economic
" w$ y6 U5 I9 }, l( ]- Zdevelopments.5 Q7 _/ s/ l: H% f" j; g& n0 t
9 l% D, M; d6 T6 M# O0 ]Information note:
5 Z: c* }' f4 r G# u# f) RThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
! T4 g4 [1 @# z2 |of the Bank's outlook for the economy and inflation, including risks to the projection, will be3 c' o* J* z5 }& Y9 Y6 ^/ h% ]
published in the MPR on 22 July 2010. |
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发表于 2010-6-1 07:58
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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！