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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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OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight/ g& d5 T) Y& `. G% n2 |
rate by one-quarter of one percentage point to 1/2 per cent. The Bank Rate is correspondingly
3 [: h+ H' H* Z* rraised to 3/4 per cent and the deposit rate is kept at 1/4 per cent, thus re-establishing the normal
8 `/ E, R0 H" c3 L$ k6 |operating band of 50 basis points for the overnight rate.
. s2 N# f( k6 T# h: f/ q
0 f6 c9 B# z. ]) pThe global economic recovery is proceeding but is increasingly uneven across countries, with
; u/ \6 {3 G# |( Z$ Astrong momentum in emerging market economies, some consolidation of the recovery in the8 K# w2 K& n M$ F: @- G) g/ I
United States, Japan and other industrialized economies, and the possibility of renewed weakness+ M- {( f0 P$ r: B6 _3 @9 O
in Europe. The required rebalancing of global growth has not yet materialized.; _. J& J$ z D" z- `
In most advanced economies, the recovery remains heavily dependent on monetary and fiscal
( N" [6 S5 q1 rstimulus. In general, broad forces of household, bank, and sovereign deleveraging will add to the
5 X4 s0 O6 L: Rvariability, and temper the pace, of global growth. Recent tensions in Europe are likely to result
! s! ?3 l& o x Z$ min higher borrowing costs and more rapid tightening of fiscal policy in some countries - an
( c9 p2 w+ U2 x) Zimportant downside risk identified in the April Monetary Policy Report (MPR). Thus far, the5 f: ], q/ F9 }$ Z" M! {
spillover into Canada from events in Europe has been limited to a modest fall in commodity
# Q. N- n& ^% r; }9 Aprices and some tightening of financial conditions." b6 g" v: B' j8 L( n
- m6 P2 v! ~- w, ~4 uActivity in Canada is unfolding largely as expected. The economy grew by a robust 6.1 per cent
* W! Q- v: S# I) vin the first quarter, led by housing and consumer spending. Employment growth has resumed.; _* k7 W, z) N- Z; B( }. I7 l) E7 E
Going forward, household spending is expected to decelerate to a pace more consistent with+ b# Z8 T% `9 u/ s- \" g: ?
income growth. The anticipated pickup in business investment will be important for a more
4 A7 ^1 V/ M3 h; Ibalanced recovery.4 i6 K- a9 a' ?2 z) j
# d& D; t+ N/ P4 W, T" A( v e9 ACPI inflation has been in line with the Bank's April projections. The outlook for inflation reflects, p& ~4 O1 O! E$ {& w/ f
the combined influences of strong domestic demand, slowing wage growth, and overall excess
% t, G* _" m) usupply.& ]; D$ M+ u. [: ^! _
! l' e ]- a0 \% Y3 GIn this context, the Bank has decided to raise the target for the overnight rate to 1/2 per cent and
9 l1 a0 \% e9 e2 l: S9 g7 ~! Dto re-establish the normal functioning of the overnight market. This decision still leaves considerable / X$ g8 L7 [( Y+ k+ D2 v
monetary stimulus in place, consistent with achieving the 2 per cent inflation target in light of the ) f6 U0 j1 \; ?) E. U8 H
significant 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* @' j D- o2 q% u! z
stimulus would have to be weighed carefully against domestic and global economic% `5 Q6 f; {6 L8 ~4 i8 y
developments.3 p5 M% f0 {+ c# i" l- j8 j
6 s" s* {; X O/ w* [
Information note:
+ w% {+ [4 L' iThe next scheduled date for announcing the overnight rate target is 20 July 2010. A full update0 |7 z5 u0 J9 Y8 v2 M1 F
of the Bank's outlook for the economy and inflation, including risks to the projection, will be$ E3 s$ ~; V" c; L3 |. h. V
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！