Bank of Canada Hikes Interest Rate
Bank of Canada Hikes Key Interest Rate to 0.5%
The Bank of Canada raised its benchmark interest rate to 0.5%-- the first time the bank has raised its rate since 2018. The Bank of Canada's rate affects the rates that consumers get on things like mortgages, lines of credit, and savings accounts at their own banks.
Economy Grew 6.7% in Q4 2021
Canada's economy grew 6.7% in the fourth quarter of 2021 on an annualized basis, beating analyst forecasts of 6.5%. Meanwhile, January GDP most likely rose 0.2% after stagnating in December, according to Statistics Canada.
