OTTAWA — The Bank of Canada raised its key interest rate by a quarter of a percentage point Wednesday and said it expects this to be the last rate hike of the…
The rate increase marks the eighth consecutive hike since March as the central bank fights off decades-high inflation.Sign up to receive daily headline news from the Calgary SUN, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails or any newsletter. Postmedia Network Inc.
The Bank of Canada also published its latest monetary policy report Wednesday, providing updated projections for the economy and inflation. At the same time, the labour market is still tight and inflation expectations among businesses and consumers are still elevated, the central bank said. As high interest rates continue to affect the economy more broadly, the central bank expects the labour market to soften in the coming months.
As this process unfolds, the Bank of Canada projects growth in the economy will stall through the first half of the year before picking back up toward the end of the year. Although the central bank is focused on excess demand in the domestic economy, it notes that global factors could continue to affect inflation.
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