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Bank of Canada hikes key interest rate by 75 basis points Wednesday as inflation rages

Updated: Oct 3, 2022

The Bank of Canada announced another oversized hike of its key interest rate Wednesday morning as inflation continues in Canada and beyond.

The bank raised its target for the overnight rate an increase of three quarters of a percentage point. It also indicated plans to continue raising interest rates as inflation persists.

The overnight rate was close to zero at the onset of 2022, but the bank hiked the rate to curb inflation in housing and other areas.



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