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Bank of Canada increases overnight rate target to 1/2 per cent and re-establishes normal functioning of the overnight market7 X- Y$ ]5 |/ ^. T/ d2 n: J6 z; ~
' {' K4 L2 ~0 [: L+ jOTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
* E, t, [& S* }! h3 Crate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly, B- d. a* v8 j0 k6 u: u
raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
" k: U# n# \) f! | ^0 s3 y H- Poperating band of 50 basis points for the overnight rate.- A; O: ?7 @! Y! H
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The global economic recovery is proceeding but is increasingly uneven across countries, with
$ B9 V) m8 Z6 p" p0 }; lstrong momentum in emerging market economies, some consolidation of the recovery in the: e( m+ s8 t: C8 b
United States, Japan and other industrialized economies, and the possibility of renewed weakness
+ U6 f! T8 [% M& k) `in Europe. The required rebalancing of global growth has not yet materialized.
, G8 f# [% @# I1 j' W+ ]: RIn most advanced economies, the recovery remains heavily dependent on monetary and fiscal) J" j P4 a# T6 ]
stimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
) o6 u- M0 O* h$ a# V* b* Vvariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
& ^5 g- L6 g& {7 Bin higher borrowing costs and more rapid tightening of fiscal policy in some countries - an& n4 k1 Q; Y3 F% ~- M& J% u
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the! o3 Z0 M1 f5 N% ]* i
spillover into Canada from events in Europe has been limited to a modest fall in commodity
( @# w5 { R" \prices and some tightening of financial conditions.
k# k0 P8 |5 e7 L% q: K# ~! T/ ]3 y; ?# A) R1 t5 |! U
Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
1 P& E# U; Z$ I) p7 u1 E [8 T9 qin the first quarter, led by housing and consumer spending. Employment growth has resumed.; b' m) V6 G$ i0 H9 T6 C
Going forward, household spending is expected to decelerate to a pace more consistent with T9 ~( q" x- d
income growth. The anticipated pickup in business investment will be important for a more
& [' \( R$ N, G5 H( ^0 P+ g6 gbalanced recovery.
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects
* K- n# X- G' M dthe combined influences of strong domestic demand, slowing wage growth, and overall excess
5 _$ k% Y: E. Ksupply.
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2 V; L$ I4 ]; i8 ^In this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and
& x9 Y# Y8 @! }* F, \7 C8 \to re-establish the normal functioning of the overnight market. This decision still leaves considerable
* D" d3 r( W: J7 ^2 ]: V5 ~monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
' A7 Z' B y4 d: ^+ p+ nsignificant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.. j0 W3 _8 F3 x9 T: Y
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Given the considerable uncertainty surrounding the outlook, any further reduction of monetary
* _/ v* u8 P4 b8 d6 D! |stimulus would have to be weighed carefully against domestic and global economic
1 z/ x9 \# ^ cdevelopments.
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Information note:$ [. g$ v+ S. S1 X7 M6 D
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
& U, @& \& C; k/ pof the Bank's outlook for the economy and inflation, including risks to the projection, will be( {# d- @7 w u
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！