The Bank of Canada is poised to raise its benchmark interest rate on Wednesday for the first time since 2018. The announcement is set for 10 a.m. ET
Canadian dollar strengthened against its U.S. counterpart
All 25 analysts polled by Reuters expect Canada’s central bank to increase its key interest rate to 0.50 per cent from the current record low 0.25 per cent when the decision is released at 10 a.m. EST . It last hiked rates in October 2018. “Today’s statement could provide some context on the outlook for policy moving forward, with a clear warning that further hikes are likely to follow quickly, and that the Bank’s balance sheet is poised to shrink fairly quickly from here,” strategists at Scotiabank, including Shaun Osborne, said in a note.A senior economist at Bank of Montreal argues that“On the eve of Bank of Canada rate hikes, a look at household savings suggest they are more than ready.
The Canadian economy continued to grow through the Omicron wave of the COVID-19 pandemic, beating analyst expectations andon Wednesday for the first time since 2018.
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