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Bank of Canada governor says rate hike to 2.5% was needed in face of persistent inflation

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Bank of Canada governor says rate hike to 2.5% was needed in face of persistent inflation

Bank of Canada governor Tiff Macklem, when asked what the central bank was trying to accomplish with its first rate hike since 2023, acknowledged the complexity of the global economic situation, particularly around increased energy prices. But he said the policy rate — even with the increase — is 'low enough that it's not restraining growth' but will help get inflation back to target 'more quickly.'

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  • The Bank of Canada has raised its benchmark interest rate a quarter-point to 2.5 per cent.
  • The bank said the increase is...[READ MORE]

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