Bank of Canada Raises Rate to 2.5%
Posted on 07/14/2022
In a sharp reversal from the days of the COVID-19 pandemic, the Bank of Canada raised its benchmark interest rate by the largest amount in more than 20 years. Bank of Canada raised its benchmark interest rate Wednesday by a full percentage point to 2.5%. That’s the biggest one-time increase in the central bank’s rate since 1998. Bank of Canada has now raised its rate four times since March as part of an aggressive campaign to fight inflation, which has risen to its highest level in 40 years.
