The Bank of Canada raised its benchmark interest rate by 75 bps to 3.25 %, as widely expected. The Governing Council still judges that the policy interest rate will need to rise further, while economy is evolving broadly in line with the July projection.Surveys suggest that short-term inflation expectations remain high and BOC continues to expect the economy to moderate in the second half of this year.
No post-meeting press conference will be held.
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USDCAD saw relatively small reaction to today’sBoC decision. The currency pair continues to trade below1.3200 level. Source: xStation5
