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Bank of Canada surprises with second rate hike, eyes future moves
The Bank of Canada raised interest rates on Wednesday, surprising many, and left the door open to more rate hikes in 2017 even as it pledged to pay attention to how higher borrowing costs would hit Canada’s indebted households. The 25-basis-point increase to 1 percent followed a hike in July and puts Canada ahead of the curve in returning borrowing costs to more normal levels after they were slashed due to the 2007-2009 financial crisis. While the U.S. Federal Reserve has begun tightening, its pace has been slower. The Bank of Canada said the hike was warranted given unexpectedly strong economic growth in the ... (full story)
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Beware of robber banks (RB), bad advisors.
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