The Bank of Canada raised interest rates for a second straight meeting, pushing back the timeline for inflation’s return to target while revising growth upward. Policymakers led by Governor Tiff Macklem increased the overnight lending rate on Wednesday by 25 basis points to 5%, the highest in 22 years. The move was expected by most economists in a Bloomberg survey, and markets had put the odds at around three quarters. The loonie jumped to its highest intraday level since June 27, trading at C$1.3157 per US dollar at 10:33 a.m. Ottawa time. The benchmark two-year yield, which had plunged earlier after US inflation ... (full story)