Canadian Markets
The Bank of Canada announced a 25 basis point interest rate increase on Wednesday, its eighth consecutive hike.
- The benchmark interest rate in Canada is now at a 15-year high of 4.5%, after being at a record low 12 months ago.
- Policymakers said they plan to hold the benchmark interest rate steady as the bank now sees inflation slowing down. The inflation rate is expected to reach 3% in mid-2023 and 2% in 2024, the bank said.
- Bond yields dropped in response to the news, with the two-year bond down eight basis points on Wednesday.
*Canadian stock prices are as of the last close. Data received directly from the references indexes through ICE Data Services
