Bank of Canada expected to raise key interest rate by 0.75% Wednesday

The Bank of Canada will make its key interest rate announcement this morning as inflation remains well above its target., bringing its key rate to 2.25 per cent.Following last month’s rate announcement, Governor Tiff Macklem said the central bank “may need to move more quickly” to bring inflation down.

The Bank of Canada will also release its quarterly monetary policy report with updated economic forecasts. In a note, CIBC says it expects the central bank’s growth forecasts to come down since its last report because of weaker GDP growth in the second quarter.

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