The Bank of Canada's governing council considered waiting until July to raise interest rates, but ultimately decided to act sooner in the face of hot economic data.
The central bank released Wednesday its summary of deliberations for its June interest rate announcement, shedding light into the decision to raise its key interest rate by a quarter of a percentage point to 4.75 per cent.The rate hike came after the central bank declared a pause earlier in the year, appearing cautiously optimistic that interest rates were high enough to quash inflation.
Those numbers reinforced concerns among members of the governing council that higher interest rates were needed to cool inflation. The rate hike came after data showed inflation rose slightly to 4.4 per cent in April, while the economy grew faster than expected in the first quarter. The labour market has also remained exceptionally tight, though data released after the rate hike showed the unemployment rate ticked higher to 5.2 per cent in May.
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