Bank of Canada hikes rates to 22-year high, more increases expected

The Bank of Canada on Wednesday increased its overnight rate to a 22-year high of 4.75%, and is expected to raise it again in July due to strong consumer spending, a rebound in demand for services, a pick-up in housing activity and a tight labor market. This is the fastest tightening cycle in the bank's history, and is being done to ratchet down an overheating economy and stubbornly high inflation. The Canadian Finance Minister has stated that no country is better positioned for a soft landing than Canada, as they are close to the end of the pandemic and a return to low, stable inflation and strong,

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