BoC HIKES KEY INTEREST RATE 0.5% FOR SECOND STRAIGHT MONTH

Jun 01, 2022

By Bob Komsic

Share on
As expected the Bank of Canada is raising its benchmark interest rate by half-a-percentage point for the second month in a row — to 1.5%.
The central bank is also warning rates will need to go up even higher in order to fight rising consumer prices.
Inflation hit 6.8% in April – more than twice the bank’s target of 2% – but the bank does not think things have peaked that inflation ”will likely move even higher in the near term before beginning to ease.”
The latest hike brings the Bank of Canada’s rate within one-quarter of a point of the 1.75% level it was at before COVID-19, and the bank warns of more hikes to come.
”With … inflation persisting well above target and expected to move higher in the near term, the [bank] continues to judge that interest rates will need to rise further,” a statement reads.
Zoomer Kids
You Don't Have To Be A Zoomer To Love Zoomer Radio.
Check out what the Kids have to say!
Join Our Fan Club
Coverage Area
Downtown Toronto
96.7FM
Toronto HD
96.3 HD-2
Kingston to Windsor, Parry Sound to Pittsburgh
AM740
ZoomerRadio Logo

Recently Played: