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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- ] m5 E1 }- c. Y7 ?% c
, K, E3 L( ^5 O' ~$ tOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
3 Y; \6 P& u/ d3 S5 Y0 a: frate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly& _6 {* Q$ r7 c: T3 z8 L
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal" d& G6 k/ y- N% D
operating band of 50 basis points for the overnight rate.7 w! D/ K- [+ G9 v: x$ @
7 e* T; X- {! J5 r: P! v+ g9 W; dThe global economic recovery is proceeding but is increasingly uneven across countries, with
( E! O1 J3 A$ } {3 ?9 G) kstrong momentum in emerging market economies, some consolidation of the recovery in the5 L; m- T6 z3 m# B
United States, Japan and other industrialized economies, and the possibility of renewed weakness
2 U0 W* ?# `; S- e$ Rin Europe. The required rebalancing of global growth has not yet materialized.
N5 J6 u1 K3 o/ n4 gIn most advanced economies, the recovery remains heavily dependent on monetary and fiscal
" m- s( }% Y% _7 q( `* ystimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the# X+ P+ [) a! F" d: k# q
variability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
/ C# k i* e0 [0 K$ P4 T3 g4 lin higher borrowing costs and more rapid tightening of fiscal policy in some countries - an$ H2 Z* R5 W/ v8 @1 e
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
- X* _) f5 g& [9 Rspillover into Canada from events in Europe has been limited to a modest fall in commodity. S% X2 ~* W6 M9 a5 m3 @( k/ w
prices and some tightening of financial conditions.9 A8 ~" s4 C ?* d
, Y8 z3 Q' M4 B5 `! ~* BActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
6 o& G7 K. O5 }6 a$ B; qin the first quarter, led by housing and consumer spending. Employment growth has resumed.! F* {! \/ G: S
Going forward, household spending is expected to decelerate to a pace more consistent with7 B4 _, d) I3 m9 }& z2 F! @
income growth. The anticipated pickup in business investment will be important for a more
, ?0 x: C1 ^1 W9 @3 Abalanced recovery.) ?6 i- o+ T: q; B S; a+ r$ O
4 w4 D! \( ? R0 G0 P+ A
CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
/ a/ O N0 B6 U' b6 F: uthe combined influences of strong domestic demand, slowing wage growth, and overall excess
( T7 f! [0 t+ ~) Wsupply. c. l; k' S2 P* b: ?1 S
, H. `5 h9 g& e% a# O: b; u' x
In this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and# n- u+ f2 C3 x0 x$ y6 G
to re-establish the normal functioning of the overnight market. This decision still leaves considerable % _# ~2 Q) T% Q% a r) I; c
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the - ?; V9 d! R- u% ]
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
& R% x& r+ x/ a: D& J" ]' l1 F6 z# Z) u. h3 V1 J( G0 T7 [
Given the considerable uncertainty surrounding the outlook, any further reduction of monetary2 ?) e! @$ t. A2 S* ?
stimulus would have to be weighed carefully against domestic and global economic
$ G; R1 d- f- w1 Z# s8 Adevelopments.
4 H- d% p* D) H; S6 ?1 }; }, x
( F5 F" q0 r8 \0 N# SInformation note:
7 \+ J/ @2 T% p) D2 N% M9 ^$ yThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update* K H; `7 I; a; A9 f
of the Bank's outlook for the economy and inflation, including risks to the projection, will be. f3 q7 V) y+ N" e ~6 b4 W" y9 K
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！