The Bank of Canada today increased its target for the overnight rate to 2.5 per cent, with the Bank Rate at 2.75 and the deposit rate at 2.5 per cent. The Bank is also continuing its policy of quantitative tightening .
Global inflation is higher, reflecting the impact of the Russian invasion of Ukraine, ongoing supply constraints, and strong demand. Many central banks are tightening monetary policy to combat inflation, and the resulting tighter financial conditions are moderating economic growth. In the United States, high inflation and rising interest rates are contributing to a slowdown in domestic demand. China’s economy is being held back by waves of restrictive measures to contain COVID-19 outbreaks.
financialpost Not everyone at the BoC has their pants over their head.
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