The Bank of Canada is expected to raise its key interest rate today, making it the seventh consecutive time it does so this year.
The central bank will publish its rate decision at 10 a.m. accompanied by a news release that will provide insight into the reasons behind the governing council's decision.
Forecasters are split on whether the Bank of Canada will raise its key rate by a quarter or half percentage point. Market watchers will be paying attention to the central bank's language for any indication on whether more rate hikes should be expected.After peaking at 8.1 per cent in July, the annual inflation rate has slowed to 6.9 per cent in October.
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Forecasters split on how high Bank of Canada will push next rate hikeExpectations are that Bank of Canada head Tiff Macklem will raise interest rates once more this week, bringing the bank’s benchmark rate to 4 per cent for the first time since early 2008
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Bea Bruske: Bank of Canada should pause rate hikes now to avert a manufactured recessionMore Bank of Canada interest rate hikes risk weakening our economy and potentially inducing massive job losses, says Bea Bruske. Read on.
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Posthaste: What the Bank of Canada hike will mean for mortgage borrowersIf the Bank of Canada raises its rate by 50 bps, prime rates are expected to rise to 6.45 per cent. Read more
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