Bank of Canada hikes key interest rate by 50 basis points

Bank of Canada hikes key interest rate by 50 basis points

Bank of Canada Governor Tiff Macklem takes part in a news conference in Ottawa, Ontario, Canada March 3, 2022. REUTERS/Blair Gable

Bank of Canada Governor Tiff Macklem says inflation is too high and we need higher interest rates (REUTERS/Blair Gable

The Bank of Canada is raising its target for the overnight rate by half a percentage point to 1 per cent.

Canada’s central bank says it will also stop buying government bonds and begin quantitative tightening (QT), beginning April 25.

The Bank of Canada also sharply increased its inflation expectations, saying Russia’s invasion of Ukraine is creating economic…


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