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In a surprising twist, at least in Bank of Canada news, the central bank decided on Wednesday to keep its key interest rate at a record low of 0.25 per cent. It was widely expected that the bank would announce a rate hike in order to cool Canada’s soaring inflation.

The Governor of the Bank of Canada, Tiff Macklem, did say interest rate hikes are coming in the near future – and that means borrowing costs are also going up.

Mark Rendell covers the Bank of Canada, finance and economics for The Globe. He explains what the Bank of Canada’s recent decision means. Plus, he’ll get into just how our central bank works and its role in making our economy run smoothly.