Bank of Canada Governor Tiff Macklem is seen at a 2022 news conference.Adrian Wyld/The Canadian Press
The Bank of Canada increased its benchmark interest rate by a quarter of a percentage point, raising Canadian borrowing costs for the eighth consecutive time on Wednesday.
The widely-anticipated announcement brings the policy rate to 4.5 per cent.
Live updates: Bank of Canada’s rate announcement
Central bank officials have signalled that they’re nearing the end of the aggressive rate-hike cycle. But they opted for another rate increase on Wednesday after a string of economic data releases showed that the Canadian economy is proving resilient in the face of higher borrowing costs while inflation remains worryingly high.
More to come
