The Bank of Canada announced Wednesday that it will increase its benchmark interest rate by a full percentage point, taking a larger than expected hike to tame decades-high levels of inflation.
Bank of Canada Governor Tiff Macklem addressed the decision during a press conference Wednesday morning.
The central bank’s key interest rate now sits at 2.5 per cent, a drastic shift from the 0.25 per cent rate seen at the start of the year.
The Bank of Canada also signalled that interest rates would need to keep rising before the end of the current cycle.
Most economists had expected a 75 basis point increase, following the steps fo the U.S. Federal Reserve last month. Markets had also priced in that hike.
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