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A 0.5% Interest Rate Hike May Happen This Week Thanks to ‘Persistent’ Inflation

Source: Craig Lord Global News, May 31, 2022

“I think the bank would stick with the 50-basis-point hike. They don’t want to scare the economy too much.”

The Bank of Canada is likely to hike its benchmark interest rate another half a percentage point on June 1, further raising the cost of borrowing to tackle “persistent” inflation levels not seen in 30 years, economists predict.

Economists who spoke to Global News all said they expect the central bank’s key interest rate to rise to 1.5 per cent on Wednesday.

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