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Bank of Canada raises key rate to five per cent, highest level since 2001
The Bank of Canada raised interest rates again on Wednesday, hitting the economy with even higher borrowing costs as new projections suggest it will take longer for inflation to fall back to two per cent. The central bank hiked its key interest rate by a quarter of a percentage point, bringing...
ottawa.citynews.ca
Forecasters were widely expecting the move as the economy continues to run hotter than expected.
The central bank says the rate hike was prompted by elevated demand in the economy and strong underlying inflation pressures.
Its updated economic projections suggest it will take longer to get inflation back to the two per cent target.
It now expects inflation to stall around three per cent for the next year before steadily declining to two per cent by mid-2025.
The central bank didn’t indicate whether it plans to raise rates again in September, and instead said its governing council will continue to monitor how the economy evolves.
