Bank of Canada raised its Benchmark to its highest almost a decade.
The Bank of Canada has raised its benchmark interest rate by a quarter point for the fifth time since last summer, pushing up the cost of borrowing for Canadians.
The bank’s rate is now set at 1.75 per cent. That’s the highest it’s been in almost a decade, dating back to December 2008.
Bank of Canada increases overnight rate target to 1 ¾ per cent
The Canadian economy continues to operate close to its potential and the composition of growth is more balanced. Despite some quarterly fluctuations, growth is expected to average about 2 per cent over the second half of 2018. Real GDP is projected to grow by 2.1 per cent this year and next before slowing to 1.9 per cent in 2020.
Bank of Canada Press release Oct 24th 2018