{"id":15673,"date":"2022-03-02T13:32:28","date_gmt":"2022-03-02T18:32:28","guid":{"rendered":"https:\/\/anjiarealty.ca\/?p=15673"},"modified":"2022-03-02T13:34:09","modified_gmt":"2022-03-02T18:34:09","slug":"bank-of-canada-hikes-key-interest-rate-to-0-5","status":"publish","type":"post","link":"https:\/\/anjiarealty.ca\/cn\/bank-of-canada-hikes-key-interest-rate-to-0-5\/","title":{"rendered":"Bank of Canada hikes key interest rate to 0.5%"},"content":{"rendered":"

\"\"<\/p>\n

The Bank of Canada raised its benchmark interest rate to 0.5 per cent on Wednesday, a move that’s expected to be the first of a series of small rate hikes this year in an attempt to tame inflation that has\u00a0risen to its highest point in decades<\/a>.<\/p>\n

It’s the first time the bank has raised its rate since 2018.<\/p>\n

<\/section>\n

The Bank of Canada’s rate affects the rates that Canadian consumers get on things like mortgages, lines of credit and savings accounts at their own banks.<\/p>\n

While the bank has been telegraphing its plans to raise its rate to fight inflation for a while now, the bank acknowledged in its announcement Wednesday that inflation is heating up even faster than anticipated.<\/p>\n

he bank cited news this week that Canada’s economy\u00a0grew at a 6.7 per cent annual pace<\/a>\u00a0in the last quarter of 2021, a figure that the bank described as “very strong.”<\/p>\n

“This is stronger than the Bank’s projection and confirms its view that economic slack has been absorbed.”<\/p>\n

The bank also cited factors beyond Canada’s borders as reasons for its move.<\/p>\n

“Economies are emerging from the impact of the Omicron variant of [coronavirus] more quickly than expected,” the bank said.<\/p>\n

Pete Evans<\/a><\/p>\n

Senior Writer, CBCNews.ca<\/p>\n","protected":false},"excerpt":{"rendered":"

The Bank of Canada raised its benchmark interest rate to 0.5 per cent on Wednesday, a move that’s expected to be the first of a series of small rate hikes this year in an attempt to tame inflation that has\u00a0risen to its highest point in decades. 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