Bank of Canada Interest Rate Announcement: Supersized Rate Hike of 100 Basis Points on July 13
The Bank of Canada was widely expected to make an increase in this morning’s interest rate announcement, but the central bank surprised everyone with a supersized hike of 100 basis points, bringing its target for the overnight rate up to 2.5 per cent. This is the Bank’s biggest move since 1998, and the fourth in a series of increases expected for 2022 as the Bank tries to tamp down the soaring inflation rate. Inflation is expected to hover around eight per cent for the next few months – well above the Bank’s two-per-cent target.
- What is the Bank of Canada’s current policy interest rate?
- When does the Bank of Canada announce its overnight rate? …
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