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https://www.bankofcanada.ca/2022/10/fad-press-release-2022-10-26/ Why did the Bank of Canada raise the overnight interest rate? How Canadian economy will be affected by an increase in the interest rate?

https://www.bankofcanada.ca/2022/10/fad-press-release-2022-10-26/

Why did the Bank of Canada raise the overnight interest rate? How Canadian economy will be affected by an increase in the interest rate? Explain briefly by applying what you learned aboutMonetary Transmission Mechanism.

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