BoC: RAISES KEY INTEREST RATE ANOTHER 0.5%, CITING ''NO EASY OUTS''

Oct 26, 2022

By Bob Komsic

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The Bank of Canada did as expected and raised its key interest rate again.
Only the increase was not as much as experts were expecting.
It’s gone up half-a-percentage point instead of three-quarters of a point.
Bank Governor Tiff Macklem says rates will need to rise further if inflation is to come back down.
“There are no easy outs to restoring price stability,” the central bank boss points out.
”We need the economy to slow to re-balance demand and supply and relieve price pressures.”  
Since March, the bank has raised its key rate from 0.25% to 3.75%.
Canada’s inflation rate dipped slightly in September to 6.9%.
The central bank predicts it’ll slow to 3% by the end of 2023, before returning to its target of 2% in 2024.
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