👉The Bank of Canada raised the overnight rate to 5%, the bank rate to 5¼ % and the deposit rate to 5%. The bank continues its quantitative tightening. Global inflation is slowing, with lower energy prices and a decline in the price of goods. However, strong demand and a tight labour market lead to persistent inflationary pressures on jobs. Economic growth has been stronger than expected, particularly in the United States, where consumer and business spending has grown strongly. Global economic conditions have stretched, with inflation increasing in North America and Europe, and central banks signaling that additional interest rates may be necessary to combat inflation.✅ . . #BankOfCanada #InterestRates #QuantitativeTightening #Inflation #GlobalEconomy #EconomicGrowth #mnm #malayalisnearmeapp #canadaupdate #canadanews

👉In a notable move, the Bank of Canada raised its overnight rate by 25 basis points to 4.75% at 10:00 AM ET today (June 6). This increase marks the first upward adjustment since the announcement of a pause in interest rate hikes earlier this year in January. This key interest rate level has not been observed since April 2001. The decision to raise rates was influenced by several factors, including stronger-than-expected economic growth, inflation, and a noteworthy 3.1% increase in Gross Domestic Product during the first quarter of this year. Additionally, there has been a resurgence in housing market activity, and the Canadian labour market remains tight, hinting at potential significant changes on the horizon.✅ . . #BankofCanada #InterestRateHike #MonetaryPolicy #QuantitativeTightening #Inflation #GlobalEconomy #GDPGrowth #mnm #malayalisnearmeapp #canadaupdate #canadanews