BREAKING: Bank of Canada raising key overnight interest rate by 50 basis points to 4.25%.
by 50 basis points to 4.25 per cent.
The central bank said in a press release Wednesday, “Looking ahead, the Governing Council will be considering whether the policy interest rate needs to rise further to bring supply and demand back into balance and return inflation to target.” It had previously said the rate “will need to rise further” and economists were looking for a change in wording to provide a hint of what is to come next year. The change could suggest a shift after multiple large increases this year.
This is the seventh consecutive increase since the Bank began hiking rates in March in a bid to slow the economy and curb runaway inflation. Since then, core inflation, which strips out the cost of food and energy, has begun to moderate and the housing market has cooled dramatically.Economists had been split on how big Wednesday’s rate hike would be, with most calling for an increase of 50 basis points but others suggesting the Bank would land on a smaller increase of 25 basis points.
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