• The Bank of Canada on Wednesday hiked its benchmark overnight interest rate by 25 basis points to 4.5%, its highest level in 15 years, and said it would likely pause to measure the cumulative effect of previous increases.
  • The move was in line with expectations from a Reuters’ poll of economists. The central bank has raised rates at a record pace of 425 basis points in 10 months to tame inflation, which peaked at 8.1% last summer and slowed to 6.3% in December, still more than three times the bank’s 2% target.