July 13 2022
As of July 13, 2022, the Bank of Canada (BoC) yet again increased its key interest rate a full percentage point to 2.5%. This marks the fourth hike by the BoC since March 2022 in their efforts to control the high inflationary environment we’re currently in. Read the latest news to learn more about this recent rate hike.
With inflation higher and more persistent than expected in their April Monetary Policy Report, the Bank of Canada today increased its target for the overnight rate to 2.5%, while also continuing its policy of quantitative tightening (QT).
In a more forceful move, the Canadian central bank raised its policy rate 100 basis points to 2.5%, stating that we can expect more rate hikes in the future. and said more hikes would be needed.
The BoC hikes interest rates yet again, a decision that supercharges efforts to remove stimulus in an effort to contain record-high inflation and ensure it doesn’t become entrenched.
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