Bank of Canada raises interest rates

The Bank of Canada raised its overnight rate by 1/4 of a percentage point to 2.25 per cent. The rate hike was widely expected and likely marks the beginning of a cycle of tightening, in which the key benchmark rate could rise to close to 4 per cent over the next year or so. That's still cheap money, but the generational lows we've seen are likely at an end, according to economists who know a lot about this stuff.

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