The Bank of Canada surprised on Wednesday with a full-percentage-point increase to its policy rate, a super-sized hike last seen in 1998, citing higher and more persistent inflation and the increased risk of those price gains becoming entrenched. The central bank, in a regular rate decision, raised its policy rate to 2.5% from 1.5%, and said more hikes would be needed. The Bank said it is also continuing its policy of quantitative tightening (QT). Inflation in Canada is higher and more persistent than the Bank expected in its April Monetary Policy Report (MPR) and will likely remain around 8% in the next few months, BOC stated. Powered by Commodity Insights
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