Dr_beer
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Further rate hikes may be needed: BoC
RBC, CIBC raise prime lending rates after central bank announcement
Reuters
Published: Tuesday, July 10, 2007
OTTAWA -- The Bank of Canada raised its key interest rate on Tuesday for the first time in more than a year and kept the door open for more increases to fight inflation, but did not clearly signal how soon the next move would be.
The bank raised its overnight lending rate by one-quarter point to 4.50% in what analysts see as the beginning of a tightening cycle after the longest pause between rate moves in three decades.
Increases in consumer prices in Canada have stayed stubbornly above the bank's 2% target and will not decline to the desired level until early 2009, the bank said in a less upbeat revision to its April outlook.
"I think it's probably most likely that they will raise rates again in September, but I think the bank has been careful not to signal an overly aggressive stance at this point," said Doug Porter, deputy chief economist at BMO Capital Markets.
TORONTO, July 10, 2007 ― RBC Royal Bank today increased its prime lending rate by 25 basis points to 6.25 per cent from 6.00 per cent, effective July 11, 2007.
RBC, CIBC raise prime lending rates after central bank announcement
Reuters
Published: Tuesday, July 10, 2007
OTTAWA -- The Bank of Canada raised its key interest rate on Tuesday for the first time in more than a year and kept the door open for more increases to fight inflation, but did not clearly signal how soon the next move would be.
The bank raised its overnight lending rate by one-quarter point to 4.50% in what analysts see as the beginning of a tightening cycle after the longest pause between rate moves in three decades.
Increases in consumer prices in Canada have stayed stubbornly above the bank's 2% target and will not decline to the desired level until early 2009, the bank said in a less upbeat revision to its April outlook.
"I think it's probably most likely that they will raise rates again in September, but I think the bank has been careful not to signal an overly aggressive stance at this point," said Doug Porter, deputy chief economist at BMO Capital Markets.
TORONTO, July 10, 2007 ― RBC Royal Bank today increased its prime lending rate by 25 basis points to 6.25 per cent from 6.00 per cent, effective July 11, 2007.
