Bank of Canada raises rate to 4.75%

(June 07, 2023 )

June 7, 2023

The Bank of Canada raised the interest rate by 25 basis points to 4.75% , ending its pause and surprising markets today. The central bank pointed to the stubbornly high inflation and resilient economy as major factors in its decision.

Economists are leaning towards there being another rate hike next month, as its unlikely there will be enough progress towards restoring price stability.

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