Bank of Canada hikes rate on solid growth
Tariffs on steel and aluminium expected to have modest effect on growth and inflation
The governing council of the Bank of Canada increased the overnight rate by 25 basis points to 1.5% after its monetary policy meeting on today (July 11).
The decision is pitched to balance a stronger economy with the uncertain outlook of trade relations with the US. The governing council points out the Canadian economy continues to operate close to capacity, as growth remains solid and inflation clocks in slightly over the 2% target.
This economic environment may require further hikes soon
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