The Bank of Canada hiked its benchmark overnight rate by 25 basis points on Wednesday. (REUTERS/Patrick Doyle)The Bank of Canada hiked its benchmark overnight rate by 25 basis points on Wednesday, an anticipated move and one that came with a clear signal the bank is ready to press pause on its aggressive tightening cycle. "There is growing evidence that restrictive monetary policy is slowing activity, especially household spending," the Bank of Canada said. "As the effects of interest rate increases continue to work through the economy, spending on consumer services and business investment are expected to slow... ET to discuss the decision and the Bank’s quarterly Monetary Policy Report.
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