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The Bank of Canada (BOC) increased their overnight rate by 1.00%, bringing it to 2.50% on July 13th, taking the Prime rate for most lenders to 4.70%. This is the fourth increase in 2022. The increase was higher than expected as most economists had forecasted an increase of 0.75%, making this one of the highest increases since 1998.
David Goncalves and Hugo Dos Reis weigh in on the current rate environment, their expectations for the near future and what they have been suggesting to their clients.
