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The overnight rate is now sitting at 2.5% after the Bank of Canada (BoC) hiked interest rates a full percentage point today. The increase is higher than Scotiabank and other financial experts expected. In a press conference this morning, BoC governor Tiff Macklem, said “an increase of this magnitude is very unusual,” but it reflects the situation Canada is currently in. Inflation is nearing 8%. That’s more than the BoC anticipated in April and the highest it’s been in about 40 years. Although gl
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The overnight rate is now sitting at 2.5% after the Bank of Canada (Bo…
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