Bank of Canada hikes key interest rate
Bank of Canada hikes key interest rate to 0.5%
The Bank of Canada raised its benchmark interest rate to 0.5 percent on Wednesday for the first time since slashing the benchmark rate to near-zero at the start of the COVID-19 pandemic, in a bid to help fight inflation which is at its highest levels.
When the federal funds rate increases, it becomes more expensive for banks to borrow from other banks. Those higher costs may be passed on to consumers in the form of higher interest rates on lines of credit, auto loans and to some extent mortgages.
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