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Bank of Canada benchmark rate expected to reach a 22-year high of 5% this week

Author: 
Steve Huebl
Publication date:
July 10, 2023
Article Summary: 

The Bank of Canada is expected to raise its benchmark lending rate by a quarter-point, bringing it to 5%, the highest in 22 years. This would also lead to an increase in the prime rate to 7.20%, affecting borrowers with variable-rate mortgages or lines of credit. Most major banks and economists anticipate the rate hike at this week's monetary policy meeting due to strong economic data. The rate decision and forecasts are being closely watched, with differing opinions on future rate increases, monetary policy, inflation, and the impact on the economy.

Keywords: 

Bank of Canada, benchmark rate, rate hike, prime rate, variable-rate mortgage, fixed-rate mortgage, economic data, monetary policy, inflation, interest rates, bond yields, forecast, GDP growth.

Source Citation: 
Steve Huebl
Bank of Canada benchmark rate expected to reach a 22-year high of 5% this week
July 10, 2023
https://www.canadianmortgagetrends.com/2023/07/bank-of-canada-benchmark-rate-expected-to-reach-a-22-year-high-of-5-this-week/
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