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Bank of Canada increases policy interest rate by 50 basis points, continues quantitative tightening
The Bank of Canada today increased its target for the overnight rate to 3¾%, with the Bank Rate at 4% and the deposit rate at 3¾%. The Bank is also continuing its policy of quantitative tightening. Inflation around the world remains high and broadly based. This reflects the strength of the global recovery from the pandemic, a series of global supply disruptions, and elevated commodity prices, particularly for energy, which have been pushed up by Russia’s attack on Ukraine. The strength of the US dollar is adding to inflationary pressures in many countries. Tighter monetary policies aimed at controlling inflation ... (full story)
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BoC: It Will Continue to Take Action As Required to Achieve 2% Inflation Target
— *seven (@sevenloI) October 26, 2022
BoC: Canadian Economy Continues to Operate in Excess Demand and Labor Markets Remain Tight
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BoC: Future Hikes Will Be Influenced by Assessments of How Tighter Monetary Policy Is Working to Slow Demand, How Supply Challenges Are Resolving and How Inflation and Inflation Expectations Are Responding
— *seven (@sevenloI) October 26, 2022
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Bank of Canada: Given elevated inflation and inflation expectations, as well as ongoing demand pressures in the economy, the Governing Council expects that the policy interest rate will need to rise further $USDCAD
— DailyFX Team Live (@DailyFXTeam) October 26, 2022
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