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Bank of Canada increases overnight rate target to 1/2 per cent and re-establishes normal functioning of the overnight market2 P* U h' W. j. v" ~' F
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OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
7 A8 | A0 l+ W% R8 V, b* Crate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
$ Z. A! l U% J# [) ^; vraised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
7 Q& C7 Y S% S6 Loperating band of 50 basis points for the overnight rate.
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3 J# m. @* X8 U, F5 D2 W- OThe global economic recovery is proceeding but is increasingly uneven across countries, with: q9 z, Z1 z; {7 q! N5 t- t1 r. Z
strong momentum in emerging market economies, some consolidation of the recovery in the
0 ?: z7 {0 O# F8 P% hUnited States, Japan and other industrialized economies, and the possibility of renewed weakness$ }3 O7 [7 p e0 z, m: ^
in Europe. The required rebalancing of global growth has not yet materialized.
9 d$ {* ~2 B( k8 iIn most advanced economies, the recovery remains heavily dependent on monetary and fiscal2 _2 B9 R1 e$ W7 y4 k
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the' J8 }" H8 F3 G. B' u7 V1 T
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result" @# _, b- ]6 P: v0 a; Q% N
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an+ `# |" q$ U9 ^5 G8 h' Q& ^
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
' t& N w1 b6 s% v9 Fspillover into Canada from events in Europe has been limited to a modest fall in commodity1 y% H( a! ]8 @% I
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% ]9 G% i& E4 n% v
in the first quarter, led by housing and consumer spending. Employment growth has resumed.
- E' E1 K3 V& K+ b; Y1 {* R0 [ QGoing forward, household spending is expected to decelerate to a pace more consistent with
4 H0 M3 x: K2 T$ Nincome growth. The anticipated pickup in business investment will be important for a more
1 {' i! Q1 N% v% z% p& dbalanced recovery.7 k' v6 t5 P0 k# d& Q
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
; a- @3 l: |+ W$ x- N# A' S: [the combined influences of strong domestic demand, slowing wage growth, and overall excess
) {2 l+ w4 y$ \5 Esupply.
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; D: w* N1 L, I9 W9 N4 gIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and
' Y6 V5 V0 N; W, d) Sto re-establish the normal functioning of the overnight market. This decision still leaves considerable - H, d' z) }5 V' s' |
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the 4 O e) V+ @( N% C+ s# I
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 s" @" Q6 Y2 g L
stimulus would have to be weighed carefully against domestic and global economic
m- \6 x) s" Y; H# x2 hdevelopments.
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' k2 u% m$ A. R0 h; y7 bInformation note:
) K$ t4 P0 a5 e6 j; u- Q8 }( g& s' _The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
6 I, I, i8 Z. I" o! Wof the Bank's outlook for the economy and inflation, including risks to the projection, will be7 a/ d+ Y8 I1 T6 G1 Y) D
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！