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Bank of Canada makes oversized rate hike, hints increases may be over

"While the tightening cycle likely has reached its zenith, we'll need the pain of these higher rates to persist for a while to stall economic growth and thereby cool inflation," said Avery Shenfeld, chief economist at CIBC Capital Markets. Money markets had bet on a 25-basis-point increase, but a slim majority of economists in a Reuters poll expected a 50-bps move.
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