Bank of Canada Raises Rates to 22-Year High

📆 7/14/2023 4:11 PM
📰 Daily_Forex

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The Bank of Canada (BoC) raised interest rates by 25 basis points on Wednesday for the second straight meeting.

The BoC released a monetary policy report at the rate meeting, whichEarlier projections had forecast that inflation would fall to 2% by late 2024.

On a monthly basis, CPI rose 0.2% in June, as did Core CPI, which excludes food and energy. This was better than the 0.3% consensus estimate and lower than the May numbers. On an annualized basis, CPI fell from 4.0% to 3.0%, and the core rate dropped to 4.8%, down from 5.3%.

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The Real Fed Debate This Month: What Would Prompt a Rate Hike This FallThe Federal Reserve is preparing to raise interest rates this month to a 22-year high. The real debate at the central bank’s July meeting will likely center on what would prompt another rate hike in the fall.
Source: WSJ - 🏆 98. / 63 Read more »