Bank of Canada Raises Key Interest Rate 50 Basis Point

Source: Global News, Staff, October 26, 2022

Most economists had expected an interest rate hike, but many were calling for a larger 75-basis-point step.

The Bank of Canada raised its key interest rate by half a percentage point on Wednesday in an effort to further tame decades-high inflation.

The move marks the sixth consecutive rate hike by the central bank this year. Since March, the Bank of Canada has raised its key interest rate to 3.75 per cent from 0.25 per cent, making it more expensive for Canadians and businesses to borrow money.

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