The Bank of Canada contemplated not raising interest rates last month but with the economy outperforming expectations, it decided on a hike.
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“We’ve seen some signs of a slowdown, but not nearly enough to really warrant extreme concern at this point,” he said. The central bank has hiked its key rate eight consecutive times since March 2022, bringing it from near zero to 4.5 per cent. That’s the highest it’s been since 2007. “Persistence in supply chain challenges, services price inflation, wage growth and inflation expectations could all keep inflation above the target,” the summary said. “A rebound in oil prices could also push inflation back up again.”
It also provides a glimpse into what the Bank of Canada’s governing council considers when making policy decisions, something economists and forecasters often try to understand.
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