Published
The Bank of Canada governor Tiff Macklem will speak after the central bank raised its benchmark interest rate by another 25 basis points, bringing it to levels not seen since 2001.
The central bank’s key interest rate now stands at 5.0 per cent following back-to-back hikes.
Many economists, including Canada’s big six banks, had expected the move amid signs of resilience in the Canadian economy and fears that annual inflation would not fall all the way back to the central bank’s target of two per cent.
The bank cited concern over a string of hot economic data, which suggested to its governing council that interest rates were not high enough to cool the economy and bring inflation down.
For more info, please go to https://globalnews.ca/news/9827110/bank-of-canada-interest-rate-july-2023/
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The central bank’s key interest rate now stands at 5.0 per cent following back-to-back hikes.
Many economists, including Canada’s big six banks, had expected the move amid signs of resilience in the Canadian economy and fears that annual inflation would not fall all the way back to the central bank’s target of two per cent.
The bank cited concern over a string of hot economic data, which suggested to its governing council that interest rates were not high enough to cool the economy and bring inflation down.
For more info, please go to https://globalnews.ca/news/9827110/bank-of-canada-interest-rate-july-2023/
Subscribe to Global News Channel HERE: http://bit.ly/20fcXDc
Like Global News on Facebook HERE: http://bit.ly/255GMJQ
Follow Global News on Twitter HERE: http://bit.ly/1Toz8mt
Follow Global News on Instagram HERE: https://bit.ly/2QZaZIB
#GlobalNews #Inflation #BoC #interestrates
- Category
- U.S. & Canada
- Tags
- global news, INFLATION, CANADA INFLATION
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