Bank Of Canada Resumes Raising Interest Rates
After leaving interest rates unchanged for two straight
meetings, the Bank of Canada on Wednesday announced it has decided
to once again raise rates.
The Bank of Canada increased its target for the overnight rate
by 25 basis points to 4.75 percent, citing stubbornly high
inflation and stronger than expected economic growth.
Canada's central bank said the rate hike reflects its view that
monetary policy was not sufficiently restrictive to bring supply
and demand back into balance and return inflation sustainably to
the 2 percent target.
The Bank of Canada also said it is continuing its policy of
quantitative tightening, which it said is complementing the
restrictive stance of monetary policy and normalizing the bank's
balance sheet.
The bank's Governing Council said it will continue to assess the
dynamics of core inflation and the outlook for consumer price
inflation.
The Bank of Canada reiterated that it remains resolute in its
commitment to restoring price stability for Canadians.
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