The Bank of Canada is once again raising its benchmark interest rate as it sees the economy's performance pointing to broader, more self-sustaining growth.
The central bank hiked its rate Wednesday by one-quarter point to 1%, its second 25-basis-point increase since July.
The hike came less than a week after the latest Statistics Canada numbers showed the economy expanded by an impressive 4.5% in the second quarter.
The BoC came out with a statement Wednesday, declaring that solid employment and wage growth led to strong consumer spending, while the key areas of business investment and exports also improved.
Down the road, the central bank insisted future rate decisions will not be "predetermined" and will be guided by upcoming economic data releases and financial market developments, pledging to pay particular attention to the economy's potential, job-market conditions and any potential risks for Canadians from the higher costs of borrowing.
The bank predicted the pace of growth to moderate in the second half of the year.
