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Randy Jarvis
Jun 07, 2023 11:36
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Bank of Canada Hikes Key Interest Rate to 4.75%
Published Jun 07, 2023 10:09
© Reuters.
By Ketki Saxena
Investing.com -- The Bank of Canada has raised its benchmark interest rate by 0.25% to 4.75%, taking interest rates higher after a 5 month long hiatus.
The move is contrary to expectations by the majority of economists, who expected rates to remain at 4.5% for the remainder of the year.
However, the BoC appears to have decided that recent economic data did meet the threshold to warrant another rate hike.
The resurge in inflation during April saw it reach 4.4%, while Canada's gross domestic product (GDP) experienced growth up to 3.1% within this year's first quarter. Housing prices have also continued to climb despite significant interest rate hikes over the past twelve months.
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Comments (3)
Big Cat
Jun 07, 2023 10:18
Wow. If you want to ease inflation limit immigration and fix the supply chain. All they are doing now is loading the spring to mortgage defaults
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GreenGreta
Jun 07, 2023 10:18
You will own nothing and be happy. 2030 Trudeau is on board and worked hard since getting in for that.
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Dan Treacher
Jun 07, 2023 10:18
With the Liberals intention of raising immigration by an additional half million per year. Canada is going to be the RISH and poor.
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B Backus
Jun 07, 2023 10:18
More immigration will translate to more demand for homes which will result in higher home and rent prices and more demand for trades people required to build the homes. This will result in to higher wages and higher revenue for the construction industry who will pay more taxes. Inflation can only be balanced by having GDP equal to inflation says Elon Musk.
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Richard Tan
Jun 07, 2023 10:14
Its a game of Chicken Little. Be brave and raise the rate to 1.00% instead of .025%
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