{"id":6451,"date":"2022-07-21T20:00:00","date_gmt":"2022-07-22T04:00:00","guid":{"rendered":"https:\/\/blog.justo.ca\/blog-admin\/?p=6451"},"modified":"2023-09-13T12:39:26","modified_gmt":"2023-09-13T20:39:26","slug":"bank-of-canada-announces-1-rate-hike-in-july-2022","status":"publish","type":"post","link":"https:\/\/blog.justo.ca\/blog\/bank-of-canada-announces-1-rate-hike-in-july-2022\/","title":{"rendered":"Bank of Canada Announces 1% Rate Hike in July 2022"},"content":{"rendered":"\n

Many pundits expected the Bank of Canada to increase their interest rates in the general announcement. However, the nation\u2019s central bank stunned the entire financial world by announcing a supersized increase of 100 basis points or 1% on its interest rates, bringing the total increase to 2.5%.<\/p>\n\n\n\n

\"Bank<\/figure>\n\n\n\n

This has been the bank\u2019s biggest increase since 1998 and it was the fourth spike in a planned four-step action strategy to help reduce soaring inflation. The Bank of Canada has an inflation rate target of 2%, and current projections place that value closer to 8% at least until the end of the summer.<\/p>\n\n\n\n

It\u2019s important to note that the Bank of Canada announces overnight rate changes eight times per year. The schedule for the rest of 2022 looks like this:<\/p>\n\n\n\n