Bank of Canada increases overnight rate by a full 1.00%, Prime should rise to 4.70%.
For the first time since 1998 the Bank of Canada has decided to raise the overnight rate today by 1.00% (four regular 0.25% increases) in an effort to fight escalating inflation . Expect Prime to rise to 4.70% (previously 3.70%).
The next scheduled date for announcing the overnight rate target is September 7, 2022.