Bank of Canada raises rates 25bp

Bank of Canada facade

The Bank of Canada raised its policy rate 25 basis points today (July 12), to 5%.

Governor Tiff Macklem says whether the bank will continue raising rates will depend on evolving economic conditions. “We’re taking it one decision at a time. We’re doing our best to balance the risks of over- and under-tightening.”

The bank now predicts inflation will return to its 2% target in mid-2025. “This is a slower return to target than was forecast in the January and April projections,” it said in a

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