ICYMI: RBC raises its prime rate by 0.5% after Bank of Canada hike — via financialpost Banking Finance Inflation
The prime rate of the banks will rise from 2.70 per cent to 3.20 per cent starting Thursday, April 14.Bank governor Tiff Macklem said Wednesday even with the rise, rates were still far below the neutral rate, which the bank calculates at somewhere between 2 and 3 per cent.
“If demand responds quickly to higher rates and inflationary pressures moderate, it may be appropriate to pause our tightening,” Macklem said. “On the other hand, we may need to take rates modestly above neutral for a period to bring demand and supply back into balance and inflation back to target.”
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