THINK OUTSIDE THE BOX:  The Bank of Canada has raised its overnight target rate by 50 basis points, bringing it to 4.25%.

This is the Bank’s seventh consecutive rate hike and was expected by markets.

Looking ahead, the Bank said it “will be considering whether the policy interest rate needs to rise further to bring supply and demand back into balance and return inflation to target."

Banks and other financial institutions are expected to raise their prime rate in the coming days, which will increase rates for variable-rate mortgage holders. Read Full Statement Here