Bank of Canada Slows Pace of Rate Hikes
Source: Reuters, October 27, 2022, David Ljunggren and Julie Gordon
“This tightening phase will draw to a close. We are getting closer, but we are not there yet,” Governor Tiff Macklem told reporters at a news conference after the decision.
The Bank of Canada announced a smaller-than-expected interest rate hike on Wednesday and said it was getting closer to the end of its historic tightening campaign as it forecast the economy would stall over the next three quarters.
The central bank increased its policy rate by half a percentage point to 3.75%, coming up short on calls for another 75 basis points move. It has lifted rates by 350 basis points since March, one of its fastest tightening cycles ever.
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