Bank of Canada delivers quarter-point rate hike, marking eighth increase in a row

Bank of Canada delivers quarter-point rate hike, marking eighth increase in a row

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

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