The Bank of Canada took another aggressive step in its hiking cycle, raising its policy interest rate by 50 basis points for a second straight time and warning that it may act “more forcefully” if needed to tackle inflation. Wednesday’s decision, which brings the benchmark overnight rate to 1.5%, was delivered in a hawkish statement that aired worries about price pressures intensifying and becoming entrenched at elevated levels. While the 50-basis-point hike was expected, the language will fuel speculation that policy makers led by Governor Tiff Macklem are considering a faster pace of tightening. Yields on Canadian government bonds jumped higher on the decision, with two-year notes trading
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