Bank of Canada: high inflation ‘keeping us up at night

 

The Canadian dollar was trading 0.1 percent lower at 1.2930 to the US dollar, or 77.34 cents, having recovered some of its earlier losses. 

The Bank of Canada raised its policy rate to 1.5 percent from 1.0 percent earlier this month, its second consecutive overshoot, and stated that it would act “more forcefully” if necessary to contain price increases. 

Carolyn Rogers, Senior Deputy Governor of the Bank of Canada, stated on Wednesday that inflation in Canada is far too high and did not rule out a 75-basis-point increase at the central bank’s July decision.

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