BoC To Continue Rate Hikes Despite Looming Recession: RBC

The Bank of Canada (BoC) is expected to raise interest rates another full percentage point by the end of the year despite already easing price pressure, a new report from RBC Economics says. Over the past several months, central banks around the world have implemented aggressive rate hikes as they attempt to battle runaway inflation. Canada is no exception, having implemented a surprising full percentage point increase to the overnight rate in July, raising it to its current 2.5% level. Later that month, the US Federal Reserve also took a bold step, introducing a second consecutive 75 basis point hike.-- More...