The Bank of Canada raised interest rates by 0.50%, signaling the end of the rate hike cycle

The Bank of Canada raised interest rates by 0.50% to 4.25% at its monetary policy meeting yesterday, the highest level in nearly 15 years.

The central bank said strong economic growth and a tight labor market underpinned the rate hike. Over the past nine months, the central bank has raised interest rates by a total of 4.00%.

The central bank has signaled that the rate hike cycle is coming to an end by refraining from saying, “The central bank has more rate hikes to do.”

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