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Bank of Canada delivers 10th rate hike, markets not convinced this will be the last

Steve Huebl
Publication date:
July 12, 2023
Article Summary: 

The Bank of Canada has delivered its 10th consecutive quarter-point rate hike, bringing the benchmark rate to 5%, the highest in 22 years. The Bank cited stronger-than-expected economic conditions and elevated core inflation as the reasons for the rate increase. Market participants are not convinced that this will be the last hike, with the likelihood of another rate increase in September being priced in at around 75%. The increase in rates is causing growing pain for variable-rate borrowers, with their monthly interest costs significantly rising. The Bank also updated its forecasts in the latest Monetary Policy Report, expecting headline inflation to hover around 3% for the next year before gradually declining to 2% by mid-2025. The Bank also noted concerns about progress towards the 2% inflation target and provided forecasts for GDP growth and household financial health.


Bank of Canada, rate hike, benchmark rate, inflation, economic conditions, variable-rate borrowers, Monetary Policy Report, GDP forecast, household financial health.

Source Citation: 
Steve Huebl
Bank of Canada delivers 10th rate hike, markets not convinced this will be the last
July 12, 2023
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