The Bank of Canada has hiked its key interest rate for the second time in less than two months amid surprisingly resurgent growth across the country.
The central bank raised its overnight lending rate by a quarter of a percentage point to 1 per cent Wednesday, surprising many analysts who had not expected another rate increase until at least October.
“Recent economic data have been stronger than expected, supporting the bank’s view that growth in Canada is becoming more broadly based and self-sustaining,” the bank said in a statement.