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Bank of Canada Hikes Interest Rate Again

Source: Craig Lord & Aaron D’Andrea Global News, June 2, 2022

June 1st’s increase marks the first time the Bank of Canada has hiked rates 50 basis points in back-to-back decisions in nearly 25 years.

The Bank of Canada raised its benchmark interest rate to 1.5 per cent on Wednesday, marking a second straight increase of half a percentage point.

The 50-point move was widely expected by economists who predicted the central bank would raise rates for the third time this year in an effort to tamp down on high inflation levels.

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