Bank of Canada Interest Rate Announcement: Up 50 Basis Points on October 26 in Sixth Consecutive Increase
The Bank of Canada has announced a 50-basis-point increase to its trendsetting interest rate, bringing its target for the overnight rate up to 3.75 per cent. The year started with the bank rate at 0.25 per cent, following a trio of rate cuts in the early days of the pandemic, intended to stimulate the economy. Now, the Bank is taking an aggressive stance in tackling sky-high inflation, which came down slightly to 6.9 per cent in September – still well above its two-per-cent target, but trending downward from its 39-year high of 8.1 per cent in July.
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