Consensus is that the Bank will raise the rate by 75 basis points to 4 per cent — a rate not seen since the 2008 financial crisis.
The Bank of Canada is expected to announce Wednesday morning that its key overnight lending rate is going up for the sixth time this year, as it attempts to get inflation under control amid criticism the hikes could push Canada into a recession.
Last week, Statistics Canada announced that the Consumer Price Index — a broad measure of inflation — had risen by 6.9 per cent in September compared to a year earlier. That was a slight drop from the 7 per cent annual “headline” inflation rate seen in August. In July, the Bank stunned observers by raising the overnight rate by a full percentage point, to 2.5 per cent. The Bank also raised the rate in March, April and June, by 25, 50 and 50 basis points, respectively. The overnight rate began the year at 0.25 per cent, where it had been since the Bank dropped it three times in a month in March 2020, as the global COVID-19 pandemic was declared.
With a growing number of economists predicting the Canadian economy is headed for a recession — partly as a result of the rate hikes — the Bank has been coming under increasing public pressure to back off.
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Bank of Canada expected to raise interest rates on Wednesday as recession fears growEven as warnings about a potential recession grow louder, the Bank of Canada is expected to announce another hefty interest rate hike on Wednesday.
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Bank of Canada expected to raise interest rates on Wednesday as recession fears growEven as warnings about a potential recession grow louder, the Bank of Canada is expected to announce another hefty interest rate hike on Wednesday, edging the bank closer to the end of one of the fastest monetary policy tightening cycles in its history.
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Bank of Canada expected to raise interest rates on Wednesday as recession fears grow - BNN BloombergEven as warnings about a potential recession grow louder, the Bank of Canada is expected to announce another hefty interest rate hike on Wednesday, edging the bank closer to the end of one of the fastest monetary policy tightening cycles in its history.
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Bank of Canada expected to raise interest rates as recession fears growEven as warnings about a potential recession grow louder, Bank of Canada is expected to announce another hefty interest rate hike Wednesday.
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