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The Bank of Canada (BoC) hiked the Canadian benchmark rate by 25 basis points up to 1.00 percent.

It's the second time this year that the central bank has increased the rate after hiking it for the first time in seven years in July.

Only six of 26 economists surveyed by Bloomberg News expected the central bank to hike its benchmark rate.

In a statement Wednesday, the bank said solid employment and wage growth led to strong consumer spending, while the key areas of business investment and exports also improved.

According to Statistics Canada, the economy continued to grow at a relative breakneck pace of 4.5 percent last quarter.

To that point, the bank described the economic advancements as becoming "broadly-based" and "self-sustaining".

The Canadian dollar is now up at 82 cents, which is its highest peak since June 2017, when it reached just over 80 cents.

The statement said that removal of "some" of the "considerable" stimulus was warranted, which suggests that at these levels the Bank still views policy as very stimulative.

The rate, which aims to keep inflation around 2% and to avoid overheating economic, is the one to which the Bank of Canada is that the banks lend money on a daily basis.

Launched on July 1, 2016, Daily Hive is the evolution of Vancity Buzz and is now in Vancouver, Calgary, Toronto, and Montreal. It said the Canadian dollar has appreciated - roughly 10% in past three months - and that reflected both domestic strength and weakness in the US currency amid "significant geopolitical risks and uncertainties around" the renegotiation of the North American Free-Trade Agreement, and USA fiscal policy.

"Given today's abrupt hike, with no prior communication since the previous meeting, and the Bank's seeming care-free stance on the soaring Canadian dollar, we can't rule out anything in coming meetings".

It pledged to pay particular attention paid to the economy's potential, job-market conditions and any potential risks for Canadians from the higher costs of borrowing.

There appears to be a good deal of investors who are hopeful that this upcoming meeting will provide some further confirmation that the hawkish bias is real and the central bank is intending to tighten policy beyond more than just removing the insurance cuts put in place at the height of the oil crash.

Yet, there was an introduction of cautionary language, and new worries about financial market developments, that weren't in the last rate decision and suggests the central bank isn't quite ready to declare victory on the economy totally eliminating its slack. Bank officials also want to see what type of meaningful impact the second rate hike has on its citizens carrying an inordinately high level of debt.