Bank of Canada raises key interest rate to 3.75% as inflation fight ramps up

Bank of Canada Governor Tiff Macklem said Wednesday the central bank would raise its key interest rate by half a percentage point to 3.75 per cent as it continues in its efforts to tame decades-high inflation. “There are no easy outs to restoring price stability,” he said, adding that it needs growth to slow in order to “relieve price pressures.”