Economists and markets predicting a 25 basis-point hike in the key overnight lending rate in the bank’s bid to wrestle back inflation
The Bank of Canada announces Wednesday morning whether it’s raising its key overnight lending rate for the eighth straight time as it attempts to battle inflation.
Markets are predicting a 25 basis-point hike. Overnight “swap” trading is predicting a 75 per cent likelihood of a 25 basis-point hike. The overnight rate began last year at 0.25 per cent, where it had been since the Bank dropped it three times in one month in March 2020, as the global COVID-19 pandemic was declared.
Following the 10 a.m. rate announcement, for the first time ever, the Bank will also be releasing minutes of its internal debate on what led to Wednesday’s decision.
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