Bank of Canada hiked interest rates today by a quarter of a percentage point — to 4.75 per cent — the highest it’s been since 2001
OTTAWA — As the economy continues to outperform expectations, the Bank of Canada has chosen to act sooner rather than later to clamp down on inflation, raising interest rates by a quarter of a percentage point on Wednesday.
The decision to raise interest rates comes after speculation among economists and forecasters that ongoing strength in the Canadian economy would push the central bank to hike rates again, though many expected the central bank would wait until the summer before pulling the trigger. However, the economist criticized the central bank for not communicating its intentions clearly ahead of time. Notably, governor Tiff Macklem didn't seem overly concerned about the rise in inflation in April during a news conference last month, he said.
Mendes said although the Bank of Canada's news release says very little about where it plans to take interest rates, he's expecting another rate hike in July. Since then, incoming economic data has continued to surprise forecasters who had anticipated the economy to stall by now. Despite elevated interest rates making borrowing more expensive for consumers and businesses, businesses are still hiring, and consumers continue to spend.
France Dernières Nouvelles, France Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
Bank of Canada raises key interest rate to highest level since April 2001The Bank of Canada announced a quarter percentage point rate hike this morning, bringing its key interest rate to 4.75 per cent, the highest it’s been since April 2001.
Lire la suite »
Bank of Canada raises key interest rate to 4.75 per cent, highest since 2001In April, Canada’s annual rate of inflation rose for the first time since last June, putting an increase back on the table.
Lire la suite »
Will the Bank of Canada hike interest rates?BNN Bloomberg's Jacqueline Hansen has the latest on the coming interest rate decision from the Bank of Canada.
Lire la suite »
Bank of Canada likely ready to start hiking interest rates againThe Bank of Canada probably isn’t done raising interest rates and they could hike again either today or in July, economists say. Read on.
Lire la suite »
Bank of Canada likely ready to start hiking interest rates againThe Bank of Canada probably isn’t done raising interest rates and they could hike again either today or in July, economists say. Read on.
Lire la suite »
Bank of Canada likely ready to start hiking interest rates againThe Bank of Canada probably isn’t done raising interest rates and they could hike again either today or in July, economists say. Read on.
Lire la suite »