Bank of Canada Ups it by a Quarter.

The Bank of Canada set it’s trend-setting interest rate at 0.75% today, up 0.25% from it’s previous overnight rate, according to this article  in the Toronto Star, which stated in part:

“The hike continues the Bank’s movement away from the rock-bottom interest-rate policy Carney adopted during the depth of the recession. After keeping the rate at 0.25 per cent for nearly a year to bolster the struggling economy, the Bank raised its overnight rate to 0.50 per cent on June 1.”

While this move shows some confidence in the Canadian economic recovery, Bank Governor Mark Carney warns that the recovery will likely come about more slowly than the Central Bank had originally predicted. 

The next change to the Central Bank’s overnight rate will be announced on September 8, 2010.

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About Marg

is an award-winning real estate Broker who has successfully been helping people move since 1989. When it’s time for a move in or out of a bigger, smaller, better, more expensive, less expensive, newer, older, house, condo, farm, investment property, vacant lot or business, talk to Marg.

This entry was posted by Marg on Tuesday, July 20th, 2010 at 3:16 pm and is filed under Money Matters. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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