But Bank of Canada signals it may pause aggressive rate hike cycle
OTTAWA — The Bank of Canada hiked its key interest rate by half a percentage point Wednesday to 4.25 per cent – the highest it's been since January 2008 – while signalling it may pause its aggressive rate hike cycle.
That language is a marked departure from previous announcements where the bank said more rate hikes should be expected. “Consumption moderated in the third quarter, and housing market activity continues to decline,” the central bank said. In October, the annual inflation rate was 6.9 per cent, well above the Bank of Canada’s two per cent target. However, economists have noted the three-month annualized inflation rate has dropped to below four per cent, suggesting inflation is headed in the right direction.
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