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 move was more forceful than the 75-basis point increase economists and money markets had forecast.
In its statement, the Bank of Canada raised its near-term inflation forecasts and made clear it expects price gains to go higher, averaging around 8% in the middle quarters of 2022. Canada’s inflation rate hit 7.7% in May, near a 40-year high. The Canadian dollar was trading 0.4% higher after the news at 1.2970 to the greenback, or 77.10 U.S. cents.
It’s government spending and giving money to every other country except this one. Get the the root of the problem and fire them all. No packages. They leave with nothing. Nothing is what they left us with.
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