Bank of Canada raises rates

The Bank of Canada announced Wednesday 24 May that it is raising its target for the overnight rate by one-quarter of one percentage point to 4 1/4 per cent. The move had been widely expected.

The operating band for the overnight rate is correspondingly increased, and the Bank Rate is now 4 1/2 per cent.

The strong momentum in the global and Canadian economies has continued, although there has recently been an increased degree of volatility in commodity markets, foreign exchange markets, and

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