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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- c2 V6 X% w* O7 _& ^% s
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OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
8 i% H) T' f# M% E. v- c. a: t" srate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
% c8 J$ [* ?- G- b1 {8 i4 Qraised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal# \' _! e1 e; H8 [$ r! w9 T- Y
operating band of 50 basis points for the overnight rate.: B; U2 j \6 G! F
+ |6 f" ?9 ?( `# E( G: P, jThe global economic recovery is proceeding but is increasingly uneven across countries, with. M5 y8 c6 w+ T# c% b' D
strong momentum in emerging market economies, some consolidation of the recovery in the
7 M& f9 u# J7 e) _1 u; p" rUnited States, Japan and other industrialized economies, and the possibility of renewed weakness
5 S1 Z _. }( e4 j Q/ S% j( Hin Europe. The required rebalancing of global growth has not yet materialized.
D' b) H: M- p: Q' L; Q9 I4 o0 fIn most advanced economies, the recovery remains heavily dependent on monetary and fiscal
# S% A, L' ~. Q F" rstimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
! V" Q7 @5 \8 ~# Ovariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
! q/ [4 m6 w' k Tin higher borrowing costs and more rapid tightening of fiscal policy in some countries - an4 ]+ a) d e O5 f8 S
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the" j* [* P+ z1 Q q! J
spillover into Canada from events in Europe has been limited to a modest fall in commodity. U0 c% N% O9 w
prices and some tightening of financial conditions.7 X% K0 a, W0 T/ x& M+ j& `3 h: p
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Activity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
X% l" O+ l# M3 Z' oin the first quarter, led by housing and consumer spending. Employment growth has resumed.# _2 p+ p/ m$ H- V3 c2 G9 P
Going forward, household spending is expected to decelerate to a pace more consistent with3 ]2 u4 L) s7 e8 v. g
income growth. The anticipated pickup in business investment will be important for a more
7 U7 F, _* @8 O4 v; C- \4 qbalanced recovery.) ?% U6 R) [6 f; g6 b+ ^
* J& _8 N0 c, ?7 PCPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects, G8 p, e, T: ]1 ^) o3 W
the combined influences of strong domestic demand, slowing wage growth, and overall excess8 g2 P7 u7 q0 J8 S- \0 h( ]% `
supply.
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In this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and6 w) k S0 L. Z$ G( X' ]
to re-establish the normal functioning of the overnight market. This decision still leaves considerable # I# G3 b. t( [0 g
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the
$ O: J$ b: n& y$ N8 b8 R0 esignificant 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
) V- a V3 Q! Q8 d" Z- Mstimulus would have to be weighed carefully against domestic and global economic/ }9 V7 o! ~1 E {
developments.; h4 m# ~1 q- K( C W. l7 v' K+ N2 b
7 u0 c4 V3 K' yInformation note:% t6 ^. D+ H6 H0 a1 F- ^2 `1 R
The next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
% u$ l# U, \) z, l8 z$ ?6 Z; I) Gof the Bank's outlook for the economy and inflation, including risks to the projection, will be# \" j$ l2 M7 X: X
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！