Bank of Canada increases overnight rate by 0.50%, Prime should rise to 3.20%

For the first time in 22 years the Bank of Canada has decided to raise the overnight rate today by 0.50% (two regular 0.25% increases).  Expect Prime to rise to 3.20% (previously 2.70%).

The next scheduled date for announcing the overnight rate target is June 1, 2022.

Press release