DAILY DOSE: September 7, 2022
Posted on 09/07/2022
1. BANK OF CANADA. Due to rising inflation, the Bank of Canada hiked interest rates by three-quarters of a percentage point to a 14-year high. The central bank hiked its policy rate to 3.25% from 2.50%. The rate decision took Bank of Canada’s rate policy rate above the neutral range for the first time in almost two decades.
“Given the outlook for inflation, the Governing Council still judges the policy interest rate will need to rise further,” according to a statement from the Bank of Canada.
2. The British pound has fallen to its weakest level against the U.S. dollar since 1985. The Japanese yen fell to 144 yen per U.S. dollar (a 24-year low).
3. Getty Images and Amazon.com, Inc. sign a multi-year renewal agreement.
