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In a bid to achieve economic stability and a 2% inflation target, the Federal Reserve has raised the key federal funds rate for the 10th consecutive time, reaching a 16-year high. Learn about the impact on the economy and the central bank's commitment to returning inflation to its target level.

British Columbia's credit rating was recently downgraded by S&P Global Ratings from AA+ to AA, largely due to the province's 2023 budget.

The Bank of Canada today decided to leave the overnight lending rate unchanged at 4.5% and signalled a continuation of quantitative tightening.

The budget projects program spending to reach nearly $491 billion in the next fiscal year, along with the deficit set to reach $40 billion.

The Federal Reserve raised its benchmark interest rate today (March 22, 2023) by 25 basis points in response to growing concerns about elevated inflation and an overheating economy.

What we have done and what we are doing to provide assurances.

The central bank has decided to hold its key rate at 4.5% while reiterating it is taking a wait-and-see approach with respect to monetary policy.

“Inflation has eased somewhat but remains elevated” the Federal Open Market Committee relayed in a statement.

“Ongoing increases in the target range will be appropriate in order to attain a stance of monetary policy that is sufficiently restrictive to return inflation to 2 percent over time.”

The Bank’s decision continues along its policy of quantitative tightening, albeit with a dovish tone this time around, signaling that it may be nearing the end of its historic rate-hike cycle.

The Federal Open Market Committee (FOMC) has announced a 75 basis point increase to the federal funds rate. The funds rate now sits at 3.75% to 4.00%.

A central bank is a financial institution that manages the production and distribution of money and credit for a state, or a group of states. Central banks oversee its state’s commercial banks and maintain a monopoly on the money supply of the state.

The Bank of Canada has increased the target overnight rate by 50 basis points to 3.75% as it continues its policy of quantitative tightening.