For the first time in 7 years, the Bank of Canada has raised its key lending rate. Bank of Canada Governor Stephen Poloz says the Canadian economy is strong but consumer debt remains a concern.
The central bank says confidence is growing that the Canadian economy has finally turned the corner after years of sputtering growth. It adds growth is broadening across industries and regions and therefore becoming more sustainable.
A second rate increase later this year is still a possibility and expected by most economists.
