The Bank of Canada on Wednesday hiked its benchmark overnight interest rate by half a percentage point to the highest level in almost 15 years and signaled its unprecedented tightening campaign was near an end.
The central bank has raised rates at a record pace of 400 basis points in nine months to 4.25% - a level last seen in January 2008 - to fight inflation that is far above its target. The bank cited still-strong growth and tight labor markets as the reason for the latest increase.
Overall, however, the central bank said that data supported its October forecast that growth would stall through the middle of next year. Money markets moved to price in a terminal rate, or peak level for interest rates this cycle, of 4.43% in June, up about 7 basis points from before the policy decision. That suggests markets see about a 70% chance of another, 25-bps hike.
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