The Bank of Canada building is pictured in Ottawa on Tuesday, Dec. 6, 2022. The Bank of Canada is expected to raise its key interest rate today, making it the seventh consecutive time this year.THE CANADIAN PRESS/Sean Kilpatrick
OTTAWA – The Bank of Canada is expected to raise its key interest rate today, making it the seventh consecutive time it does so this year.
The central bank will publish its rate decision at 10 a.m. accompanied by a news release that will provide insight into the reasons behind the governing council’s decision.
Forecasters are split on whether the Bank of Canada will raise its key rate by a quarter or half percentage point.
Market watchers will be paying attention to the central bank’s language for any indication on whether more rate hikes should be expected.
The Bank of Canada began raising interest rates in March in response to rapidly rising inflation.
After peaking at 8.1 per cent in July, the annual inflation rate has slowed to 6.9 per cent in October.
This report by The Canadian Press was first published Dec. 7, 2022.
