Bank of Canada Raises Rate for First Time in More Than Three Years

The Bank of Canada raised its policy rate by 25 basis points to 2.50% on Wednesday, its first increase in more than three years and a monetary shift for crypto traders to track. The bank expects inflation to remain significantly above its 2% target through 2028. It signaled another increase may be needed to limit the risk that high energy costs spread into broad-based inflation. Officials said they would adjust policy cautiously. The bank also cited elevated uncertainty tied to U.S.-Canada trade tensions and the conflict in the Middle East.

Source: TokenPost