Removing Bank Machines to prevent runoffs - BOC to raise interest rates Its gonna get UGLY

The END of ATMs in Australia? Thousands of cash machines are removed across the country as banks go digital
ATM's and bank branches across Australia are continuing to close at a rapid rate
Switch by customers to digital banking seen 'Big Four' banks switch their focus
ANZ head of distribution Kath Bray said changes were a clear sign of the times

The Bank of Canada hiked its key interest rate to 0.5 per cent in an effort to “take some steam” out of the economy and tamp down on surging inflation, but economists are warning that high prices will remain a regular part of life for months to come.

The overnight rate target will rise 25 basis points, the central bank announced Wednesday, up from the floor of 0.25 per cent it held for much of the COVID-19 pandemic. It’s the central bank’s first rate hike since October 2018.

In a statement accompanying the decision, the Bank of Canada said the war in Ukraine is “a major new source of uncertainty” that is driving prices higher on oil and other commodities.

“This will add to inflation around the world, and negative impacts on confidence and new supply disruptions could weigh on global growth. Financial market volatility has increased. The situation remains fluid and we are following events closely,” the bank wrote.

Oil prices jumped to near eight-year highs. Brent crude, the global oil benchmark, rose as high as $113.94 a barrel, the highest since June 2014, and has been trading around $111 for most of the day. It has pared some of the gains since then while US light crude is 2.6% higher at $106.1. Brent has gained some 40% so far this year.

ED&F Man Capital Markets analyst Edward Meir told Reuters:

Oil has been pushing higher on growing perceptions that Russian oil is unable to be ‘transacted’. Although oil is not technically under sanction, traders are understandably nervous about taking delivery of Russian crude, let alone storing, shipping, and ultimately selling it.