Bank of Canada raises benchmark interest rate for the first time since 2018

Bank of Canada Governor Tiff Macklem speaks during a news conference after the rate decision and release of updated Monetary Policy Report in Ottawa, Ontario, Canada October 27, 2021.  REUTERS/Blair Gable

Bank of Canada Governor Tiff Macklem speaks during a news conference (REUTERS/Blair Gable)

The Bank of Canada raised its target for the overnight rate to 0.50 per cent.

The 25 bps hike to contain inflation is the first since 2018, after cutting to help cushion the pandemic’s economic blow in 2020.

Canada’s central bank says more rate hikes are coming but says it is following the situation in Ukraine closely. “The unprovoked invasion of Ukraine by Russia is a major new source of…


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