“The Bank of Canada raised its overnight policy rate this morning by 25 basis points to 4.75%. In its statement accompanying the decision, the bank noted that the Canadian economy was stronger than expected in the first quarter and spending in interest rates sensitive sectors, like the housing market, has picked up. On inflation, the Bank continues to expect CPI inflation to ease to 3% by summer, however, monthly inflation continues to trend about two times higher than its 2% target, a circumstance the Bank fears could become persistent without immediate action.” – BCREA (June 7, 2023)
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