Bank of Canada Announcement
Today the Bank of Canada announce they are increasing its trendsetting interest rate by .50% bringing the overnight rate to 1½%. This is the second consistent oversized increase and third overall for the year so far. It quoted “Inflation globally and in Canada continues to rise, largely driven by higher prices for energy and food. In Canada, CPI inflation reached 6.8% for the month of April – well above the Bank’s forecast – and will likely move even higher in the near term before beginning to ease.” This will lead to more increases throughout the year. Leading up to today’s announcement we’ve heard many forecasts concerning the outcome for the remainder of the year. Taylor Schleich, National Bank of Canada – with the upside to [...]