Bank of Canada increases overnight rate by 0.50%. Your variable rate mortgage and secured lines of credit will increase. ‘Quantitative tightening QT’ continues. Admits “The risk of elevated inflation becoming entrenched has risen.”
“With the economy in excess demand, and inflation persisting well above target and expected to move higher in the near term, the Governing Council continues to judge that interest rates will need to rise further. ”
“Governing Council is prepared to act more forcefully if needed to meet its commitment to achieve the 2% inflation target.”
Next meeting July 13.