BANK OF CANADA RAISES KEY INTEREST RATE TO 1%

Apr 13, 2022

By Bob Komsic

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In an effort to tame inflation, the Bank of Canada has raised its key interest rate by half-a-percent to an even 1-percent.
It’s the second straight month that the central bank has increased its rate – the bank’s first consecutive rate hike since 2017 and its largest single increase since 2000.
With the bank now expecting the inflation rate to hit nearly 6% in the first half of the year; up from its January forecast of close to 5%, expect to see more interest rate hikes, until the central bank’s rate rises to 2% – maybe beyond.
”Inflation is too high,” says Bank of Canada Governor Tiff Macklem.
”We need higher interest rates.”
Variable-rate loans, that are tied to the central bank’s rate, will also rise while anyone with a fixed rate loan is immune for now.
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