Bank of Canada makes smaller-than-expected rate rise
Macklem says central bank is “getting closer” to end of increases, “but we are not there yet”
The Bank of Canada raised its policy rate by 50 basis points on October 26, to 3.75%.
Many analysts had forecast a 75bp increase. The governing council’s decision comes after the leaders of both of Canada’s major opposition parties publicly criticised the central bank.
The decision marks the sixth rate rise since March, for a total of 350bp of tightening. In July, the Bank of Canada ordered a 100bp increase in the policy rate, the biggest in 24 years. The fifth rate hike, delivered in
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