The IMF commends the Bank of Canada’s resumption of interest rate hikes.
The IMF has praised the unexpected resumption of interest rate hikes by the Bank of Canada. This came about after a four-month hiatus, with the unexpected resumption of rate hikes at their June meeting. The Bank of Canada’s move to raise the policy interest rate from 4.50% to 4.75% is recognized by the IMF as bolstering their commitment to bring the inflation rate back to the central bank’s target level. The Bank of Canada maintains that it should implement further rate hikes if the data justifies it.