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Bank of Canada raises its interest rate to 5%
(www.cbc.ca)
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this post was submitted on 12 Jul 2023
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I'm a little confused on the BoC's decision-making here. Don't interest rate changes take ~12 months to permeate the market? It's like these rate changes are being fired from a machine gun, won't this lead to an over-correction in achieving inflation targets?
Especially when you consider that interest costs are what is now driving inflation:
https://www150.statcan.gc.ca/n1/daily-quotidien/230627/dq230627a-eng.htm?indid=3665-1&indgeo=0