Bank of Canada hikes interest rate to 4.5%, signals pause on increases for now | FULL

Bank of Canada Governor Tiff Macklem announced on Wednesday an increase in interest rate of 25 basis points, to 4.5 per cent in the first policy decision in 2023. However, Macklem signalled the central bank could pause interest hikes for now while it assesses the impact of its increases to date. Wednesday’s decision marks the eighth consecutive time the Bank of Canada has raised the cost of borrowing in an effort to tamp down inflation. The Bank added that the hold is dependent on whether the economy continues to develop according to its forecast, and said additional hikes are in the cards to get inflation back down to the two per cent target. For more info, please go to Subscribe to Global News Channel HERE: Like Global News on Facebook HERE: Follow Global News on Twitter HERE: Follow Global News on Instagram HERE: https://bit.