OTTAWA — The Bank of Canada signalled it is drawing closer to the end of what's been one of the fastest rate hike cycles in its history Wednesday as it raised its key interest rate by a half-percentage point — but made it clear that more rate hikes a
Though less than what some economists expected, the increase is still more than the typical quarter-point raise and Bank of Canada governor Tiff Macklem wouldn't rule out the possibility of additional large hikes to come.
Macklem said the central bank will be paying attention to how the economy continues to evolve in response to rising rates. In its latest economic projections, also released Wednesday, the Bank of Canada downgraded its growth forecast. Tu Nguyen, an economist with RSM Canada, said the bank's decision to hike by half of a percentage point is “surprising” and “risky” given the U.S. Federal Reserve is expected to raise rates by three-quarters of a percentage point next week.
"I would lean towards a pair of quarter-point hikes, and then the bank pausing to see how the economy handles that," Porter said. The Bank of Canada says it expects inflation to slow to three per cent by the end of 2023 before getting back to its two per cent target by the end of 2024. As fears of an impending recession grow, the central bank lowered its forecast for growth both domestically and globally.
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