The Bank of Canada (BoC) has decided to slow its pace of rate hikes amid fears of a major global recession.
BoC Governor Tiff Macklem announced on Oct. 26, that the central bank would raise benchmark interest rates by 50 basis points to 3.75 percent on to combat inflation, for the smallest increase since June.
This was lower than the 75 basis point hike predicted by most economists, after the central bank increased rates by the same amount last month and a record full percentage point in July.
Since March, policymakers have raised interest rates by 3.5 percentage points, in a hawkish attempt to control rising prices by raising borrowing costs to curb spending….