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Today, the Bank of Canada increased its overnight benchmark interest rate 100 basis points to 2.50% from 1.50% in June – the largest single increase in almost 25 years. This is also the fourth time this year that the Bank has acted to tighten money supply to combat the possibility of an entrenched inflationary cycle, although previous moves were much smaller (0.25% in March and 0.50% in each of April and June). The Bank characterized this progressively larger increase as a way to “front-load the path to higher interest rates,” a clear signal that it is concerned that elevated inflation will become entrenched without affirmative action and that more rate hikes are almost certainly on their way. With this latest increase, the Bank Rate rises to 2.75% and the deposit rate increases to 2.50%. These are the highlights of today’s announcement.
Inflation at home and abroad
Canadian and global economies
Canadian housing market
Looking ahead
Along with noting that its Governing Council decided to “front-load the path to higher interest rates” with today’s 100 basis point increase, the BoC also said it “continues to judge that interest rates will need to rise further, and the pace of increases will be guided by the Bank’s ongoing assessment of the economy and inflation.” The Governing Council stated that it is “resolute” in its commitment to price stability and will continue to take action as required to achieve its 2% inflation target. The message to the market is clear: inflation must be corralled and higher interest rates are to be expected. This is an evolving story with the next scheduled chapter landing on September 7th, 2022 – the date of the BoC’s next policy announcement.
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