China’s economy appears to have picked up after the recent round of pandemic lockdowns, although ongoing challenges related to its property market will continue to weigh on growth. In the euro area, the economy is forecast to contract in the quarters ahead, largely due to acute energy shortages. The Bank projects no growth in the US economy through most of next year. In the United States, labour markets remain very tight even as restrictive financial conditions are slowing economic activity. As economies slow and supply disruptions ease, global inflation is expected to come down. Tighter monetary policies aimed at controlling inflation are weighing on economic activity around the world. The strength of the US dollar is adding to inflationary pressures in many countries. This reflects the strength of the global recovery from the pandemic, a series of global supply disruptions, and elevated commodity prices, particularly for energy, which have been pushed up by Russia’s attack on Ukraine. Inflation around the world remains high and broadly based. The Bank is also continuing its policy of quantitative tightening. FOR IMMEDIATE RELEASE Media Relations Ottawa, Ontario OctoThe Bank of Canada today increased its target for the overnight rate to 3¾%, with the Bank Rate at 4% and the deposit rate at 3¾%. Bank of Canada increases policy interest rate by 50 basis points, continues quantitative tightening.
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