The Bank of Canada raised its policy rate by 25 basis points to 2.5% in response to rising global energy prices. Minutes from its latest meeting indicate that monetary tightening should prevent higher energy costs from spreading throughout the economy. Markets now assign a 60% probability to the central bank holding rates steady in December, reducing expectations of a significant increase. Participants will closely watch the decision scheduled for December 9, comments from Tiff Macklem and Carolyn Rogers, and incoming inflation and GDP data.
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