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Breaking News: Bank of Canada Raises Interest Rates by 0.50%

October 26, 2022

Via: DailyFX

The Bank of Canada (BoC) has raised its benchmark interest rate by 50 basis points, underwhelming a market that was priced for 75 basis points. This follows a 75 basis point (bps) rate hike at the previous meeting in September, and brings the policy rate to 3.75%. The BoC has also notably revised growth forecasts lower, as higher borrowing costs begin to take their toll on the economy. Inflation has also been forecasted to fall below 3% by the end of 2023, which is within the Bank of Canada’s target range.

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