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Bank of Canada Raises Interest Rate in September 2017

Interest rate hikeBank of Canada increased the overnight interest rate target to 1 percent on September 6, 2017. The Bank Rate is thus adjusted to  1-1/4 percent and the deposit rate is 3/4 percent.

Stating that the Candian economics are strong and consumer spending remains robust, the interest rate increase was seen as warranted however individual segments will be monitored closely.

The press release from the Bank of Canada paints a strong economy on several fronts including a stable, lower inflation rate at about 2%, growing exports, a cooling housing market back to a manageable level, and continued solid income and employment growth.

Read the full Bank of Canada interest rate press release