The Governor of the Bank of Canada Stephen Poloz announced earlier today that the BOC’s overnight benchmark rate would rise by a quarter point to 1.5 percent on Wednesday, its highest level since 2009.
This is in the second hike this year and fourth over the past 12 months.
“Governing Council expects that higher interest rates will be warranted to keep inflation near target and will continue to take a gradual approach, guided by incoming data,” the bank said.
The rate move signals policymakers are determined to bring rates back to pre-recession levels and are confident in the Canadian economy, even though we are facing steep competition from the United States, and could be walking straight into a trade war.
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