Bank of Canada raises key interest rate to 0.5%
Global News
The Bank of Canada raised interest rates by 25 basis points on Wednesday, keeping with analyst's expectations and its own signals from January.
The Bank of Canada has hiked its key interest rate to 0.5 per cent, the first step of a series of signalled increases amid economic recovery from the COVID-19 pandemic.
The overnight rate target will rise 25 basis points, the central bank announced Wednesday, up from the floor of 0.25 per cent it held for much of the pandemic.
Wednesday’s hike marks the first time the Bank of Canada has increased rates since October 2018.
The bank has signalled it would use higher interest rates to tamp down on surging inflation, which hit at a more-than 30-year high of 5. 1 per cent in January — well above policymakers’ stated target of two per cent.
More to come.
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