The Bank of Canada raised its key interest rate target by a quarter of a percentage point to five per cent Wednesday. Read the text of the central bank's decision.
The Bank of Canada raised its key interest rate target by a quarter of a percentage point to five per cent Wednesday.The Bank of Canada today increased its target for the overnight rate to five per cent, with the Bank Rate at 5.25 per cent and the deposit rate at five per cent. The Bank is also continuing its policy of quantitative tightening.
The Bank's July Monetary Policy Report projects the global economy will grow by around 2.8 per cent this year and 2.4 per cent in 2024, followed by 2.7 per cent growth in 2025. As higher interest rates continue to work their way through the economy, the Bank expects economic growth to slow, averaging around one per cent through the second half of this year and the first half of next year. This implies real GDP growth of 1.8 per cent in 2023 and 1.2 per cent in 2024. The economy will move into modest excess supply early next year before growth picks up to 2.4 per cent in 2025.
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