Bank of Canada Raises Interest Rates to 2.5%, First Hike Since 2023

The Bank of Canada raised its benchmark overnight interest rate to 2.5% on Wednesday, a 25 basis point increase and the first rate hike since July 2023. Governor Tiff Macklem stated the move was intended to address inflation risks from higher energy prices. The decision marked a shift in the central bank's policy direction after more than two years of holding rates steady.

• Bloomberg — Bank of Canada Raises Interest Rates to 2.5%, First Hike Since 2023

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