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Bank of Canada raises its interest rate to 5%
(www.cbc.ca)
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this post was submitted on 12 Jul 2023
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When the BoC kept rates steady, indicators (such as housing price) started inflating again. I think their concern is that the leading indicators (e.g. job growth and employment) haven't started to fall.
Most of the media I've seen says it takes 12-18 months for the effects of interest rate changes to kick in. So yeah, it seems rapid fire.