The Bank of Canada defied expectations by restarting its interest-rate tightening campaign, saying the economy is running too hot.
Policymakers led by Governor Tiff Macklem raised the overnight lending rate to 4.75% on Wednesday, the highest since 2001. The move was expected by only about one in five economists in a Bloomberg survey, and markets had put the odds at about a coin flip.
Read More : Bank of Canada Sends Shockwaves through Markets with 4.75% Policy Rate Hike