Bank of Canada set for one more rate hike in historic tightening campaign

of economists shows that Canada's central bank will hike its benchmark rate by a quarter of a percentage point to 4.50%, its highest level since December 2007, when the decision is released at 10 a.m. EST .

Money markets see a roughly 70% chance of a 25-basis-point move and expect the policy rate to peak at 4.50%. After raising rates at a record pace of 400 basis points in nine months, the central bank said in December that a decision to tighten further would be data-dependent.

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