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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# o( [9 Z2 H- h; q* u& P" C* g
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OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight
( N7 O* c, n8 ~1 c: t; p/ @# Nrate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
8 [5 K1 _; h* L! |raised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
0 i4 Y. \$ n% }5 v0 t8 W# toperating band of 50 basis points for the overnight rate.. Z! q$ ? u8 o3 Y d8 E
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The global economic recovery is proceeding but is increasingly uneven across countries, with0 G+ E( l9 p9 B) p
strong momentum in emerging market economies, some consolidation of the recovery in the, Z+ s/ U( m5 R# g
United States, Japan and other industrialized economies, and the possibility of renewed weakness
9 Y/ O8 D5 l+ t' U& Jin Europe. The required rebalancing of global growth has not yet materialized., k- {3 c. f8 Z, W
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal
6 q1 e Y6 J' x) q. X7 rstimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
/ ^% D" d+ u; Cvariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result2 ~6 }, a" e. F) g8 i
in higher borrowing costs and more rapid tightening of fiscal policy in some countries - an* X2 N) p' S8 l5 h
important downside risk identified in the April Monetary Policy Report (MPR). Thus far, the
* c) j" I5 d# ]spillover into Canada from events in Europe has been limited to a modest fall in commodity
+ }$ ^% U9 }1 r: ^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 cent9 A7 q# { [1 ~- J4 f
in the first quarter, led by housing and consumer spending. Employment growth has resumed.
0 Z7 K) K% \( E2 F- m+ zGoing forward, household spending is expected to decelerate to a pace more consistent with1 o G3 ^% ~: X6 g% g0 ^6 A% R* h9 p `
income growth. The anticipated pickup in business investment will be important for a more
' l; L, Z4 I, mbalanced recovery.
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CPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects0 d8 z* G! j$ z9 }
the combined influences of strong domestic demand, slowing wage growth, and overall excess" r4 {. e$ F" n+ g# V+ u' g7 ^
supply.
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1 U3 e( W4 m: z' T" mIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and6 f% v, K. \5 W" u7 I% q% ~0 O
to re-establish the normal functioning of the overnight market. This decision still leaves considerable + z; F8 M+ p; x' K- W5 m
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the , _6 O/ B6 y$ `( W
significant excess supply in Canada, the strength of domestic spending, and the uneven global recovery.
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+ U& U8 Y1 J' g+ q. tGiven the considerable uncertainty surrounding the outlook, any further reduction of monetary4 `! s/ z9 }: V; e& q$ x! B
stimulus would have to be weighed carefully against domestic and global economic! T" V- d! p8 e: h# L- p
developments.
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$ U" B# @% m* s0 D% h( n. @, Q O- c# PInformation note:
$ Y2 Q2 H6 E6 @, i3 ^6 e8 zThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update
0 Q/ v6 b+ ?, G/ i- kof the Bank's outlook for the economy and inflation, including risks to the projection, will be7 Q5 H ~) j, L3 H- ^
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！