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Bank of Canada Raises Another 0.25% (25bps): Many now forecasting that we’ve reached the peak
On January 25th, 2023, the Bank of Canada (BoC) increased its overnight rate by 0.25% (25 bps) lifting it to 4.50%. Lenders are expected to follow shortly by raising their Prime lending rates from 6.45% to 6.70%, which will be the highest level since March 2001.
The January 25th increase was in line with economists’ expectations and caps off an unprecedented 11 months where the BoC implemented a total of 4.25% (425 bps) in rates hikes from March 2022 to January 2023. Click here to read the BoC press release.
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