أخبار عاجلة
قطر تدين بشدة تفجيرا داخل مسجد في باكستان -
Philips to cut 13% of jobs in safety and profitability drive -

Bank of Canada raises interest rate again — but hints that hikes may be done for now

اخبارالعرب 24-كندا:الأربعاء 25 يناير 2023 10:22 صباحاً Business·Breaking

The Bank of Canada has raised its benchmark interest rate again, to 4.5 per cent, but hinted that it may now be done with its aggressive campaign of rate hikes.

Social Sharing

Central bank has been trying to wrestle sky-high inflation into submission

Pete Evans · CBC News · Posted: Jan 25, 2023 10:00 AM EST | Last Updated: 6 minutes ago
Tiff Macklem, governor of the Bank of Canada, speaks during a news conference in Ottawa on Oct. 27, 2021.
Tiff Macklem, governor of the Bank of Canada, speaks during a news conference in Ottawa on Oct. 27, 2021. The central bank raised its benchmark interest rate again on Wednesday. (Adrian Wyld/The Canadian Press)

The Bank of Canada has raised its benchmark interest rate again, to 4.5 per cent.

The move was widely expected by economists as the bank tries to wrestle record-high inflation into submission.

It's the eighth time in less than a year that the bank has hiked its trend-setting rate, a move that will make borrowing money more expensive.

But at one quarter of a percentage point, it's also the smallest hike since March, and thus a sign that the bank may be done with hiking rates for the next little while. 

The bank said as much in a statement accompanying its decision, noting that "if economic developments evolve broadly in line with outlook, [the bank] expects to hold the policy rate at its current level while it assesses the impact of the cumulative interest rate increases."

The bank also gave itself a sliver of wiggle room, however, to raise rates even more if inflation persists. "The governing council is prepared to increase the policy rate further if needed to return inflation to the 2 per cent target," the bank said.

Officials at the central bank will have more to say about their line of thinking at a press conference that begins at 11 a.m. ET.

 

ABOUT THE AUTHOR

Pete Evans is the senior business writer for CBCNews.ca. Prior to coming to the CBC, his work has appeared in the Globe & Mail, the Financial Post, the Toronto Star, and Canadian Business Magazine. Twitter: @p_evans Email: pete.evans@cbc.ca

تم ادراج الخبر والعهده على المصدر، الرجاء الكتابة الينا لاي توضبح - برجاء اخبارنا بريديا عن خروقات لحقوق النشر للغير

السابق Trudeau to host premiers Feb. 7 to hammer out health deal: sources
التالى How scammers impersonating the Mike Holmes team try to steal thousands from his followers

 
c 1976-2021 Arab News 24 Int'l - Canada: كافة حقوق الموقع والتصميم محفوظة لـ أخبار العرب-كندا
الآراء المنشورة في هذا الموقع، لا تعبر بالضرورة علي آراء الناشرأو محرري الموقع ولكن تعبر عن رأي كاتبيها
Opinion in this site does not reflect the opinion of the Publisher/ or the Editors, but reflects the opinion of its authors.
This website is Educational and Not for Profit to inform & educate the Arab Community in Canada & USA
This Website conforms to all Canadian Laws
Copyrights infringements: The news published here are feeds from different media, if there is any concern,
please contact us: arabnews AT yahoo.com and we will remove, rectify or address the matter.