Canada raises interest rates on "robust" economy

CANADA - Citing evidence of a robust economic recovery, the Bank of Canada on Tuesday increased the overnight interest rate to 2.25 percent, up from a 40-year low of 2 percent.

Breaking from its usual pattern of following the lead of the U.S. Federal Reserve Board, the Bank of Canada's decision to raise interest rates was the first increase in almost two years.

"With today's interest rate increase, the bank is modestly reducing the amount of monetary stimulus in the economy. Substantial monetar