Canada’s central bank raised its key interest rate by 0.75 percentage points to 3.25 per cent and warned of further increases in its fight to prevent high inflation from becoming entrenched.
The rate rise brings the key interest rate above 3 per cent for the first time since mid-2008 and into so-called restrictive territory, where monetary policy hampers economic growth.
“Given the outlook for inflation, the Governing Council still judges that the policy interest rate will need to rise further,” the Bank of Canada said in a statement on Wednesday. “Quantitative tightening is complementing increases in the policy rate.”
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