Bank of Canada increases overnight rate by 0.25%, Prime should rise to 2.70%

The Bank of Canada has decided to raise the overnight rate today by 0.25%. It’s the first rate increase since October 2018. Expect Prime to rise to 2.70% (previously 2.45%).

The next scheduled date for announcing the overnight rate target is April 13, 2022.

boc picturePress release

 

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