Canadian Press NewsAlert: Hot economy, inflation were at crux of BoC’s rate decision

By The Canadian Press on February 8, 2023.

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The Bank of Canada will release a summary of its deliberations on the latest interest rate hike later today, the first time the central bank will give Canadians a peek behind the curtains into its decision-making process. The Bank of Canada is shown in Ottawa on Tuesday, July 12, 2022. THE CANADIAN PRESS/Sean Kilpatrick

OTTAWA – The Bank of Canada’s first-ever summary of deliberations reveals that the governing council ultimately decided to raise its key interest rate last month because of ongoing strength in the economy.

The decision to hike by a quarter of a percentage point came after the central bank discussed the risk that inflation will get stuck above two per cent down the line.

More coming.

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