Interest rates are heading up again — to the highest they’ve been since 2001.
“Based on the accumulation of evidence, Governing Council decided to increase the policy interest rate, reflecting our view that monetary policy was not sufficiently restrictive to bring supply and demand back into balance and return inflation sustainably to the two per cent target,” the Bank said in a news release announcing its decision.
But a steady stream of stronger than expected economic data — including rising inflation in April — put an increase back on the table.
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