Following closely on the heels of the European Central Bank and the U.S. Federal Reserve Board, the Bank of Canada has raised its target interest rate by 50 basis points. This is its sixth interest rate hike this year.
Central banks around the world have been trying to tame inflation, which has been running hot — at close to a double-digit rate — in the past year. Canada’s inflation hit a three-decade high in March 2022.
