Bank of Canada Says It Will Take Longer to Reach 2% Inflation Target
Bank of Canada, as widely expected, raised its main interest rate to 5.0% from 4.75%, and said it now expects to take longer to reach its goal of 2% inflation---suggesting borrowing costs are to remain elevated for an extended time. The BOC now forecasts a return to 2% CPI in mid-2025. Previously,…
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