🚨 BREAKING 🚨 BoC raises interest rate to 5% as expected
The Bank of Canada announced on Wednesday that it raised the benchmark interest rate by 25 basis points to 5% following the July policy meeting. This decision came in line with the market expectation.
"Downward momentum in inflation has come more from lower energy prices, and less from easing underlying inflation.""Housing market has seen some pickup; new construction and real estate listings are lagging demand, adding pressure to prices.""With three-month rates of core inflation running around 3.5-4% since September, underlying price pressures appear to be more persistent than expected.
is widely expected to announce another 25 basis points rate hike at its July monetary policy meeting due this Wednesday, bringing rate hikes back on the table after hitting the pause button in March. The BoC policy announcements and Macklem’s presser will be key to the short-term direction in the USD/CAD pair in the aftermath of the US CPI data-led market volatility.on the BoC policy decision this Wednesday, stating, “we look for the BoC to hike another 25bps to 5.00% in July. Upward revisions to projections in the July MPR will provide the main catalyst for the hike but we do expect a more balanced statement relative to June after some further erosion of sentiment.
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