The Bank of Canada on Wednesday hiked its benchmark overnight interest rate by 50 basis points to the highest level in almost 15 years.
The central bank has raised rates at a record pace of 400 basis points in nine months to 4.25%, a level last seen in January 2008. The bank cited still-strong growth and tight labour markets as the reason for the latest increase.Sign up to receive daily headline news from the Ottawa SUN, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.
“Looking ahead, Governing Council will be considering whether the policy interest rate needs to rise further to bring supply and demand back into balance and return inflation to target,” the bank said in a statement.Article content
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