Bank of Canada’s shock rate hike hits 22-year high

The Bank of Canada has unexpectedly hiked the interest rate to a 22-year high of 4.75 per cent, according to CommSec’s Tom Piotrowski. “This wasn’t necessarily on the radar – we’ve seen a couple of meetings where they have paused,” Mr Piotrowski told Sky News Australia. “But in their commentary, they recognised that they’ve got more wood to chop in terms of getting inflation under control.” Presented by CommSec.