Canada and New Zealand step up rate hikes

Bank of Canada, Ottawa
Bank of Canada, Ottawa
Photo: Matthew Liteplo Photography

The central banks of Canada and New Zealand began more aggressive monetary tightening today (April 13), as both institutions raised their main rates by 50 basis points. Canada also began the process of quantitative tightening.

The moves brought the policy rate to 1% in Canada and 1.5% in New Zealand. The banks are hoping that the resilience of their economies will allow them to weather higher interest rates while the action simultaneously quells demand. Both signalled further hikes are likely.

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