Bank of Canada raises rates by 1/4%

CANADA - The Bank of Canada today announced that it is raising its target for the overnight rate by one-quarter of one percentage point to 2 1/2 per cent. The operating band for the overnight rate is correspondingly increased, and the Bank Rate is now 2 3/4 per cent.

Information received since the Bank's last interest rate announcement on 16 April indicates that the economic recovery in Canada has been somewhat stronger than anticipated. And core inflation in April rose to 2.2 per cent

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