Future interest Rate Hikes for the Bank of Canada
The Bank of Canada, in an unexpected move, raised interest rates by 0.25% on June 7, 2023. The prime rate now stands at 4.75%. The Bank of Canada wants to see inflation at about 2% and the numbers were showing that this was not being achieved so the decision was made to raise the rate.
There may be further interest rate hikes in the near future. The next meeting for the Bank of Canada is July 12, 2023.