Bank of Canada to Announce Interest Rate Decision on July 12
Press Release and Economic Impact to Follow
Awfully Painful, Little Gain: Some Economists Question the Hike
On Wednesday, July 12, 2023, the Bank of Canada will unveil its decision on the target for the overnight rate. A press release will accompany the announcement, providing a succinct explanation of the decision-making process.
The release of the Bank of Canada's interest rate decisions and quarterly Monetary Policy Report follows a predetermined schedule for 2023. Notably, the Bank of Canada has recently raised its benchmark interest rate by 25 basis points, bringing the key rate to five percent.
This rate hike has sparked debate among economists, with some questioning the efficacy of such a move. They contend that while the increase may mitigate inflation, it may also inflict undue hardship on individuals and businesses.
The Bank of Canada's decision on July 12 will be closely scrutinized by financial markets and businesses alike. The announcement is expected to provide insights into the Bank's assessment of the economy and its outlook for the future.
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