Bank of Canada increases overnight rate by 0.50%, Prime should rise to 3.70%

For the second 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 3.70% (previously 3.20%).

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

Press release

 

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