Bank of Canada tightens policy for first time in a year
Macklem says governing council made ‘tricky’ decision to hike rather than hold
Canada’s central bank has increased its target for the overnight rate by 25 basis points – the first time it has changed the policy rate since it completed its easing cycle 364 days ago.
Bank of Canada (BoC) governor Tiff Macklem told journalists at a press conference today (October 28) that the bank’s governing council felt it had two options – to hold or to hike – and chose the latter to reduce the risk of elevated energy prices leading to “generalised inflation”.
The target for the overnight
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