The Bank of Canada's benchmark interest rate increase of 50 basis points was less than the 75 points that economists and investors were anticipating.
The Bank of Canada's rate — officially known as the target for the overnight rate — is the amount that retail banks are charged for short-term loans.
After slashing its lending rate to near zero early in the pandemic, the bank has raised its benchmark rate six times since March, as it scrambles to rein in inflation, which hasWhile the move will likely help bring down the cost of living in the long run by compelling Canadians to spend and borrow less, it will only increase the pain for consumers and businesses that are already feeling the pain of inflation and higher borrowing costs.
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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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Another Bank of Canada interest rate hike expected Wednesday — the sixth this yearConsensus 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.
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Apple raises prices of Apple Music and Apple TV Plus in CanadaApple services prices are going up in a range of $1 to $3 per month, depending on the services and the size of the package. Find out more.
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