International News

Bank of Canada increases policy interest rate by 100 basis points

The Bank of Canada has increased its target for the overnight rate to 2½%, with the Bank Rate at 2¾% and the deposit rate at 2½% to bring skyrocketing inflation, which hit a 39-year-high of 7.7% in May 2022, back down to its target of 2%. The Bank of Canada has continued its policy of quantitative tightening (QT).

The Bank also is expecting Canada’s economy to grow by 3½% in 2022, 1¾% in 2023, and 2½% in 2024. Global energy prices may be decreased is expected.

Statistics Canada may release Canada’s inflation data for June on July 20th, 2022.

Govt said that Inflation in the U.S. soared to a new four-decade peak in June 2022. Consumer prices rose 9.1% compared with a year earlier

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