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 fin

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