Bank of Canada raises rates for 3rd time this year

CANADA - The Bank of Canada on Tuesday raised its overnight interest rate to 2.75 percent from 2.5 percent to keep the soaring economy in check, but sounded a cautious note about the future, saying market uncertainty and corporate developments meant the economic outlook was mixed.

It was the third rate increase this year by the central bank and leaves the overnight rate a full percentage point above the equivalent rate set by the U.S. Federal Reserve.

The Bank of Canada also hiked its bank rate

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