As Expected, Bank Of Canada Hike Interest Rate

As Expected, Bank Of Canada Hike Interest Rate

The Bank of Canada raised its benchmark interest rate by a quarter percentage point to one percent Wednesday. The move was widely expected.

“Recent economic data have been stronger than expected, supporting the Bank's view that growth in Canada is becoming more broadly-based and self-sustaining. Consumer spending remains robust, underpinned by continued solid employment and income growth,” the BoC said.

There has also been more widespread strength in business investment and in exports. Meanwhile, the housing sector appears to be cooling in some markets in response to recent changes in tax and housing finance policies

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