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The Bank of Canada raised its key overnight interest rate for the first time in 11 months on Wednesday. The rate rose by one-quarter of one percentage point from 2.5% to 2.75%.

However, the Bank of Canada gave few clues as to whether or not the rate hike will kick off a new era of tighter borrowing costs, or if it was just a one-time tweaking of monetary conditions.

Full details of the decision can be accessed via the following link: http://www.bankofcanada.ca/en/fixed-dates/2005/rate_070905.html

Economic Research Unit
Franklin + Andrews

eru@franklinandrews.com