The Bank of Canada raised its policy rate to 2.5% to limit persistent, broad-based inflation. This was the first increase since July 2023, following an extended period of rate stability. The central bank, led by Governor Tiff Macklem, is responding notably to rising energy prices driven by geopolitical tensions in the Middle East. Markets now anticipate possible further increases in December despite economic uncertainties. Canada’s upcoming CPI and GDP data, along with statements from Macklem and Carolyn Rogers, will be closely watched.
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