Rate raised a quarter of a percentage point to 5 per cent
Interest rates are going up again.
The Bank of Canada confirmed this morning it’s raising its key overnight interest rate by a quarter percentage point to 5 per cent., citing a stronger than expected economy, and more persistent inflation than previously forecast.
Most analysts expected the hike.
The Bank also now expects inflation won’t come down to its target of two per cent until the middle of 2025.
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