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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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5 ^% t. h J( b: g% F. [% O* a7 VOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight- k% u6 L. {* V4 r
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly0 L: ~7 v5 a& E H5 N7 ]2 m
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal6 {# K4 e+ G, A2 a
operating band of 50 basis points for the overnight rate.* V; t5 H/ O. ] U2 {* z$ u
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The global economic recovery is proceeding but is increasingly uneven across countries, with
J; G- J% C: k7 J0 q bstrong momentum in emerging market economies, some consolidation of the recovery in the8 w- c* ^% h- {6 U2 ]" C
United States, Japan and other industrialized economies, and the possibility of renewed weakness. y4 t4 x: z G5 N
in Europe. The required rebalancing of global growth has not yet materialized.
& P$ ^' K0 ~$ f: c6 K) NIn most advanced economies, the recovery remains heavily dependent on monetary and fiscal
1 W; L3 X; e" s6 g, lstimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
* k4 L' m. w$ `1 X2 Q/ m$ P Dvariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result7 ]" s9 U8 ^) M6 T( W4 }( J/ ^
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an" {2 A; s2 i. [1 e G
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
% U' n8 u6 F! h2 m1 M9 v& Mspillover into Canada from events in Europe has been limited to a modest fall in commodity
0 q) f/ P1 T9 Fprices 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# A8 I+ P1 z- X2 v
in the first quarter, led by housing and consumer spending. Employment growth has resumed.
6 m8 _% p* Z' j5 l3 hGoing forward, household spending is expected to decelerate to a pace more consistent with
0 |( y' z$ k/ H# g8 `8 aincome growth. The anticipated pickup in business investment will be important for a more+ u5 o& c- |9 D% z
balanced recovery.
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0 _- Y3 L" c/ A: TCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
# C# T2 f2 X) X% |2 Vthe combined influences of strong domestic demand, slowing wage growth, and overall excess
) w6 \, q8 V% q5 v* ], O% Wsupply.4 U& J* H. P8 M
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In this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and1 G3 M. W4 M" F
to re-establish the normal functioning of the overnight market. This decision still leaves considerable - e$ @6 f/ g+ m/ h
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
3 K7 d3 a D' m; k/ X# Isignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.+ {$ U6 I# y) Q2 @' @% P, @7 }/ J2 t
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Given the considerable uncertainty surrounding the outlook, any further reduction of monetary
9 ^# o s$ R! @4 \4 C+ Tstimulus would have to be weighed carefully against domestic and global economic
. s% h) R; H; Z2 Q' A8 m. Bdevelopments.
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Information note:+ \: ^. l2 b/ L. v, W. Q" l9 }
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update0 V+ v+ y! Q2 {: a" I
of the Bank's outlook for the economy and inflation, including risks to the projection, will be9 c q1 M( v: n# 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！