Bank of Canada raises policy rate by 0.5%
The Bank of Canada has raised its policy rate by 0.5% as it continues its efforts to curb high inflation and rebalance demand and supply. This was an expected increase although experts were anticipating a larger rate hike of 0.75 %. The policy rate affects the cost of borrowing for various loans, including variable rate mortgages and lines of credit. The Canadian economy continues to operate in excess demand, as per the Bank’s announcement. The demand for goods and services...
