The Bank of Canada raised its key policy rate half a point to 4.25 per cent on Wednesday, in line with most economist estimates. Read the full statement from the central bank.
on Wednesday, in line with most economist estimates.
Statistics Canada reported inflation was steady in October, increasing 6.9 per cent compared to the same time a year ago. However, this was still significantly higher than the Bank of Canada’s two per cent inflation target.The Bank of Canada today increased its target for the overnight rate to 4¼%, with the Bank Rate at 4½% and the deposit rate at 4¼%. The Bank is also continuing its policy of quantitative tightening.
In Canada, GDP growth in the third quarter was stronger than expected, and the economy continued to operate in excess demand. Canada’s labour market remains tight, with unemployment near historic lows. While commodity exports have been strong, there is growing evidence that tighter monetary policy is restraining domestic demand: consumption moderated in the third quarter, and housing market activity continues to decline.
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Bank of Canada raises interest rates: Read the official statementThe Bank of Canada raised its key interest rate by 50 basis points on Wednesday to 4.25%. Read the central bank\u0027s official statement here.
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