Bank of Canada hikes for first time in seven years
Bank of Canada becomes latest advanced economy central bank to hike
The Bank of Canada has become the latest advanced economy central bank to hike its policy interest rate, ending a seven-year spell with no rate increases.
The central bank’s governing council chose to raise the overnight rate 25 basis points, to 0.75%. In a statement today (July 12), the council cites “robust” economic growth and the absorption of slack in the economy as key factors in its decision.
“Today we raised our key policy rate by 25 basis points in the context of an economy that is
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