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Bank of Canada Hikes Key Interest Rate to 1.0% Amid Healthy Growth

Posted September 06, 2017

Under Economic Issues, International Trade Issues

(Andy Blatchford – Canadian Press)

The Bank of Canada has raised its interest rate for the second time in less than two months in an effort to adjust to the unexpected force of the country’s economic momentum.

Wednesday’s hike of its overnight lending rate to 1.0 per cent marks its second quarter-point increase since July, and comes less than a week after the latest data for economic growth showed an impressive expansion of 4.5 per cent for Canada in the second quarter.

That April-to-June performance followed surprisingly healthy growth in the first three months of 2017 and easily exceeded the Bank of Canada’s projections. Click here to read more.