Bank of Canada increases policy interest rate to 2.5 per cent – July 13, 2022

Bank of Canada governor Tiff Macklem discusses the central bank's decision to raise its policy interest rate by 100 basis points to 2.5 per cent, the biggest rate hike in more than 20 years. He is joined at the news conference in Ottawa by senior deputy governor Carolyn Rogers. They also discuss the bank's latest economic forecasts as contained in its July 2022 monetary policy report. Macklem cites high inflation and an overheated Canadian economy as key reasons for the rate increase. This is the bank's fourth consecutive interest rate increase since March 2022.