{"id":58145,"date":"2023-07-14T00:00:00","date_gmt":"2023-07-14T00:00:00","guid":{"rendered":"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/inspired-investor\/investing-academy\/bank-of-canada-raises-key-interest-rate-to-5\/"},"modified":"2023-10-31T13:56:38","modified_gmt":"2023-10-31T17:56:38","slug":"bank-of-canada-raises-key-interest-rate-to-5","status":"publish","type":"rbc_my_money_matter","link":"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/inspired-investor\/investing-academy\/bank-of-canada-raises-key-interest-rate-to-5\/","title":{"rendered":"Bank of Canada Raises Key Interest Rate to 5%"},"content":{"rendered":"<div class=\"wp-block-rbc-single-article-header\">\n\t<section class=\"section-grey cover pad-t-hlf\">\n\t\t<div class=\"section-inner w-half w-mob-full centered-margin cover section-grey pad-tb-0\">\n\t\t\t\t\t\t\t<div class=\"inline-block pill-container pill-taxonomies\">\n\t\t\t\t\t<div class=\"mar-b-hlf mob-mar-b snipe pill is-style-blue-pill\">\n\t\t\t\t\t\t<a class=\"primary-taxonomy\" href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/inflation\/\">\n\t\t\t\t\t\t\t<span>Inflation<\/span>\n\t\t\t\t\t\t<\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t<h1 class=\"mar-b-hlf mar-t-0 mob-pad-lr-hlf h2 has-black-color\">Bank of Canada Raises Key Interest Rate to 5%<\/h1><p class=\"mar-b-0 mob-pad-lr-hlf author-text\">By Owen Guo<\/p>\t\t\t\t\t<div class=\"featured-image-wrapper pos-rel\">\n\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"930\" height=\"620\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/Untitled-design-2023-07-14T125339.577.jpg?quality=80\" class=\" cover-image  wp-post-image\" alt=\"An illustration of the Bank of Canada\" srcset=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/Untitled-design-2023-07-14T125339.577.jpg 930w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/Untitled-design-2023-07-14T125339.577.jpg?resize=300,200 300w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/Untitled-design-2023-07-14T125339.577.jpg?resize=768,512 768w\" sizes=\"auto, (max-width: 930px) 100vw, 930px\" \/>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t<\/section>\n\t<div class=\"article mar-t-dbl\">\n\t\t\t\t<section>\n\t\t\t<div class=\"section-inner socials-section\">\n\t\t\t\t<div class=\"top-socials-bar mob-mar-b-hlf\">    <div class=\"social-links mob-mar-b-hlf mob-mar-t-hlf\">\n            <a class=\"social-button-wrapper sharing-custom sharing-email\" href=\"mailto:?subject=Bank of Canada Raises Key Interest Rate to 5% &#038;body=Hi, I thought you might be interested in this article from RBC My Money Matters: https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/inspired-investor\/investing-academy\/bank-of-canada-raises-key-interest-rate-to-5\/\">\n        <img decoding=\"async\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-email.svg\"\n          alt=\"envelope icon\">\n        <span>\n          Email        <\/span>\n      <\/a>\n      <div class=\"social-button-wrapper sharing-copy-wrapper\">\n        <button class=\"sharing-custom sharing-copy\" data-url=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/inspired-investor\/investing-academy\/bank-of-canada-raises-key-interest-rate-to-5\/\">\n          <img decoding=\"async\"\n            src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-related.svg\"\n            alt=\"copy icon\">\n          <span id=\"sharing-copyUrl-Label\">\n            Copy URL          <\/span>\n        <\/button>\n        <input type=\"text\" class=\"sharing-copy-text\" aria-labelledby=\"sharing-copyUrl-Label\">\n      <\/div>\n    <\/div>\n  <\/div>\n\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section>\n\t\t\t<div class=\"section-inner w-half w-mob-full centered-margin pad-tb-0 mob-mar-t-hlf mob-mar-b\">\n\t\t\t\t<p class=\"cover-pub-line text-xs mar-b-hlf\">Published July 14, 2023 \u2022 3 Min Read<\/p>\t\t\t<\/div>\n\t\t<\/section>\n\t<\/div>\n<\/div>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner w-half w-mob-full\" style=\"border-radius:0x\">\n<p>The Bank of Canada did it again \u2013 for the 10th time in 16 months.<\/p>\n<p>The Canadian central bank hiked its benchmark interest rate by 25 basis points this week, pushing its key lending rate up to 5 per cent, the highest since 2001.<\/p>\n<p>Citing an overheating economy, Tiff Macklem, Bank of Canada Governor, reaffirmed the bank\u2019s resolve in wrestling down inflation.<\/p>\n<p>\u201cWe have made considerable progress in the fight against inflation,\u201d Macklem said when presenting the latest Monetary Policy Report after Wednesday\u2019s rate announcement. \u201cBut even as headline inflation has come down largely as we forecast, underlying inflationary pressures are proving more persistent than we expected. Higher interest rates are needed to slow the growth of demand in the economy and relieve price pressures.\u201d<\/p>\n<p>In May, headline inflation hit 3.4 per cent, down from 4.4 per cent a month earlier. Though slowing inflation is welcome news, central bank officials believe their work is not done until inflation is back to the target rate of around two per cent.<\/p>\n<p>\u201cThe hike was widely expected. It was highly unlikely that the (Bank of Canada) ended its pause last month for just the one additional 25 basis point increase in June,\u201d RBC Chief Assistant Economist Nathan Janzen said in a note. Calling the rate decision \u201cdecidedly hawkish,\u201d he said a softer economy is expected to prevent more hikes this year, but that the central bank won\u2019t hesitate to increase rates again if inflation doesn\u2019t slow further.<\/p>\n<p>Data from RBC Economics shows that the Canadian economy remains resilient. Companies are still hiring, albeit at a slower pace. From Vancouver to Toronto, home prices rose in spring. And recession warnings have not deterred Canadian consumers from travelling and dining out.<\/p>\n<p>Still, Janzen said the economy might soften later this year as higher interest rates bite. RBC economists predict that a mild recession could hit the U.S. and Canada sometime this year.<\/p>\n<p>Globally, monetary policymakers in the world\u2019s 20 largest economies have jacked up interest rates by an average of 3.5 per cent since the tightening cycle began, according <em>to the Financial Times<\/em>. One exception is China, which slashed interest rates last month to shore up a flagging economy.<\/p>\n<p>Much like a spigot, a central bank is tasked to maintain the right amount of money supply \u2013 not too much, not too little \u2013 to keep the economy humming. It raises rates to dampen borrowing in hopes of cooling an economy. Conversely, it may cut rates to stimulate economic growth.<\/p>\n<p>At a press conference on Wednesday, Macklem alluded to the lagging effect of interest rates. Economists have long argued that it takes time \u2013 generally 18 months or so \u2013 for interest rate decisions to feed into the economy.<\/p>\n<p>\u201cThere was a clear consensus that we didn&#8217;t see a big benefit of waiting,\u201d he said, referring to the decision to raise right away versus waiting for further data. \u201cWe\u2019re concerned that if we\u2019re not careful, the progress to price stability could stall, and if you get some upward surprises from there, inflation could even move back up.\u201d<\/p>\n<p>The next interest rate decision is slated for September 6, 2023.<\/p>\n<div style=\"padding-left: 20px\">\n<div style=\"padding-left: 20px\">\n<div style=\"padding-left: 20px\">\u00a0<\/div>\n<\/div>\n<\/div>\n\n\n\n<p><\/p>\n\n\n\n<div class=\"wp-block-rbc-rbc-default-collapsible\"><p><button class=\"collapse-toggle collapsed\" data-target=\"#collapse834a1009\" data-toggle=\"collapse\" aria-expanded=\"false\" aria-controls=\"collapse834a1009\" data-dig-id=\"LP-57738-834a1009\" data-dig-category=\"LP\" data-dig-action=\"accordion closed\" action-closed=\"accordion closed\" action-opened=\"accordion open\" data-dig-label=\"Things our lawyers want you to know\"><span>Things our lawyers want you to know<\/span><span>Things our lawyers want you to know<\/span><\/button><\/p><div class=\"collapse-content collapse\" id=\"collapse834a1009\">\n<div class=\"wp-block-rbc-collapsible-inner-block collapse-inner\">\n<p>This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.<\/p>\n<\/div>\n<\/div><\/div>\n\n\n\t\n\t<div class=\"wp-block-tk-spacer id-d1cf6939-f57c-4e5e-ba86-05b8139a9422\" aria-hidden=\"true\"><\/div>\n\t\n\n\n<p class=\"has-text-align-center h5 mar-b\"><strong>Share This Article<\/strong><\/p>\n\n\n\n\t\t<div class=\"socials-block\">\n\t\t\t    <div class=\"social-links mob-mar-b-hlf mob-mar-t-hlf\">\n            <a class=\"social-button-wrapper sharing-custom sharing-email\" href=\"mailto:?subject=Bank of Canada Raises Key Interest Rate to 5% &#038;body=Hi, I thought you might be interested in this article from RBC My Money Matters: https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/inspired-investor\/investing-academy\/bank-of-canada-raises-key-interest-rate-to-5\/\">\n        <img decoding=\"async\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-email.svg\"\n          alt=\"envelope icon\">\n        <span>\n          Email        <\/span>\n      <\/a>\n      <div class=\"social-button-wrapper sharing-copy-wrapper\">\n        <button class=\"sharing-custom sharing-copy\" data-url=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/inspired-investor\/investing-academy\/bank-of-canada-raises-key-interest-rate-to-5\/\">\n          <img decoding=\"async\"\n            src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-related.svg\"\n            alt=\"copy icon\">\n          <span id=\"sharing-copyUrl-Label\">\n            Copy URL          <\/span>\n        <\/button>\n        <input type=\"text\" class=\"sharing-copy-text\" aria-labelledby=\"sharing-copyUrl-Label\">\n      <\/div>\n    <\/div>\n  \t\t<\/div>\n\n\t\t\n\n\t\n\t<div class=\"wp-block-tk-spacer id-2cef4006-bd4e-4c01-8de1-ade2f667b6ec\" aria-hidden=\"true\"><\/div>\n\t\n\n\n\t\t\t<div class=\"wp-block-rbc-single-post-topics related-topics-links\">\n\t\t\t\t<p class=\"h5 mar-r-hlf\">Topics:<\/p>\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/inflation\/\" class=\"btn topic mar-t-0 mar-r-qtr mar-b-hlf\">Inflation<\/a>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n<\/section>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel mob-pad-t-dbl\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner\" style=\"border-radius:0x\">\n<h2 class=\"wp-block-heading mar-b mob-mar-b-dbl mar-t-0\" id=\"h-read-this-next\">Read This Next<\/h2>\n\n\n\t\t\t<div class=\"related-posts-type-2\">\n\t\t\t\t<div class=\"related-post-list\">\n\t\t\t\t\t<ul class=\"grid-wpr eh-wpr\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<li class= 'grid-one-third grid-tb-full grid-mob-full mar-b'>\n\t\t\t\t\t\t\t\t\t\t<article class=\"col-wpr 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