The Bank of Canada has increased its major interest rate to 4.5%, the highest level in 15 years, and disclosed it would likely hold off on further increases for now.
In ten months, the bank has increased interest rates at a record pace of 425 basis points to control inflation that increased to 8.1% and slowed to 6.3% in December. It’s still over three times the 2% target.
While talking to reporters, the Governor of Bank of Canada, Tiff Macklem said: “We are turning the corner on inflation. We are still a long way from our target, but recent developments have reinforced our confidence that inflation is coming down.”
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