BoC HIKES KEY INTEREST RATE FOR 1ST TIME SINCE 2018

Mar 02, 2022

By Bob Komsic

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One down, or should that be up, with more rate hikes to come.
As expected, the Bank of Canada has increased its benchmark interest rate to 0.5%.
It’s the first time since 2018 that the central bank has raised it.
Prior to COVID-19, the rate was 1.75% before it was slashed to 0.25% to help the Canadian economy navigate the pandemic.
While the bank has been signalling its plans to raise its rate to fight inflation, it is now conceding inflation is heating up even faster than anticipated.
Investors also believe this could be the first of as many as five more small increases before the end of the year.
The Bank of Canada rate affects consumer rates for things such as mortgages, lines of credit and savings accounts at their banks.
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