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At its April meeting, the Bank of Canada accelerated its tightening cycle, building on March’s 25-basis-point rate hike with a larger, 50bp increase to lift the overnight rate to 1%.
The central bank accelerated tightening with a large rate hike and quantitative tightening, amid strong growth, elevated inflation and a tight labor market.
The Consumer Price Index in Canada hit a three-decade high of 6.7% in March with broad-based price pressure.