# Bank of Canada hikes rates to 22-year high, more increases expected

> The Bank of Canada raised its benchmark rate by 25 basis points to 4.75%, its first hike after a five-month pause and the highest level in 22 years. The central bank dropped language saying it remained prepared to raise rates further, leaving the next move more open-ended. Markets were already pricing in a possible July increase.

- Date: 2023-06-07 · published 2023-06-07T12:00:00.000Z
- Category: macro · region Canada · magnitude medium
- Page: https://feedsoft.ai/events/35738-bank-of-canada-hikes-rates-to-22-year-high-more-increases-expected
- Commodities: [Canadian Dollar (CAD per USD)](https://feedsoft.ai/c/USDCAD.md)

## Why it matters

Tighter Canadian policy supports the loonie and can dampen domestic demand, which marginally affects Canadian feed and livestock costs. The effect on grain and meal prices is indirect.

## Read by commodity

- USDCAD: bearish ▼

## Sources

- reuters.com: https://www.reuters.com/markets/rates-bonds/bank-canada-hikes-rates-475-highest-22-years-2023-06-07/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.