The Bank of Canada will announce its interest rate decision this morning, with markets widely expecting another sizeable rate hike.
Economists expect the central bank to raise its key rate by half or three-quarters of a percentage point as it tries to clamp down on decades-high inflation.
Today's rate hike would make it the sixth consecutive time the bank raises interest rates, making it the fastest monetary policy tightening in its history.
Canada's annual inflation rate dropped slightly in September to 6.9 per cent but the cost of groceries continues to climb.
Economists expect another interest rate hike in December before the central bank hits pause to assess the impact of higher interest rates on the economy.
The Bank of Canada will also release its latest monetary policy report, which will include economic projections an its outlook on inflation.
MORE: The Bank of Canada is set to raise rates again. Here's a timeline of how we got here
This report by The Canadian Press was first published Oct. 26, 2022.
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2022-10-26 09:18:01Z
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