# Bank of Canada increases policy interest rate by 50 basis points, continues quantitative tightening - Bank of Canada

> The Bank of Canada raised its overnight rate target by 50 basis points to 3.75% and continued quantitative tightening. The bank projected global growth slowing from 3% in 2022 to about 1.5% in 2023.

- Date: 2022-10-26 · published 2022-10-26T12:00:00.000Z
- Category: macro · region Canada · magnitude low
- Page: https://feedsoft.ai/events/39349-bank-of-canada-increases-policy-interest-rate-by-50-basis-points-continues
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Canadian Dollar (CAD per USD)](https://feedsoft.ai/c/USDCAD.md)

## Why it matters

Projected slower global growth reduces expected demand for energy and commodities, a bearish signal for feed demand and prices. Higher Canadian rates also affect currency values for Canadian exporters.

## Read by commodity

- WTI: bearish ▼
- USDCAD: neutral

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2018-12-05 | [Bank of Canada maintains overnight rate target at 1 ¾ per cent - Bank of Canada](https://feedsoft.ai/events/61780-bank-of-canada-maintains-overnight-rate-target-at-1-3-4-per-cent-bank-of-canada.md) | -3.0% | -11.7% |
| WTI | 2019-01-09 | [Bank of Canada maintains overnight rate target at 1 ¾ per cent - Bank of Canada](https://feedsoft.ai/events/61325-bank-of-canada-maintains-overnight-rate-target-at-1-3-4-per-cent-bank-of-canada.md) | +4.5% | +8.1% |
| WTI | 2018-10-23 | [As Expected the Bank of Canada Raises it’s Benchmark Overnight Rate. - OFX (HK)](https://feedsoft.ai/events/62787-as-expected-the-bank-of-canada-raises-it-s-benchmark-overnight-rate-ofx-hk.md) | -3.2% | -17.6% |
| WTI | 2023-05-31 | [Canada's Q1 growth outperforms, increases odds for rate hike \| Reuters](https://feedsoft.ai/events/36181-canada-s-q1-growth-outperforms-increases-odds-for-rate-hike-reuters.md) | +3.3% | +0.1% |
| WTI | 2017-01-18 | [C$ pares recent gains ahead of Bank of Canada rate decision](https://feedsoft.ai/events/73219-c-pares-recent-gains-ahead-of-bank-of-canada-rate-decision.md) | +0.4% | +1.4% |

## Sources

- bankofcanada.ca: https://www.bankofcanada.ca/2022/10/fad-press-release-2022-10-26/

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