Bank of Canada raises raises rates to 4.5%

The Bank of Canada has raised interest rates by 25 basis points despite its currency's recent appreciation again the US dollar which has taken it to its strongest level in 30 years against the greenback. The Bank of Canada said economic growth and inflation in the first half of this year have been stronger than expected in the April Monetary Policy Report (MPR).

"The Bank judges that the economy is now operating further above its production potential than was projected at the time of the

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