The Bank of Canada is pictured in Ottawa on Tuesday Sept. 6, 2022. The Bank of Canada is expected to announce it will be raising its key interest rate today, making it the fifth consecutive increase this year.
The Bank of Canada raised its key interest rate by a quarter of a percentage point this morning, bringing it to 5 per cent. The central bank says the rate hike was prompted by elevated demand in the economy and strong underlying inflation pressures.