TSX Remains Weak Despite Paring Some Losses; BoC Raises Interest Rates Again

(RTTNews) - After opening notably lower and declining further down, the Canadian market regained some lost ground Wednesday morning, but still remains in negative territory a little past noon.

Stocks tumbled a little before the Bank of Canada's interest rate decision, but slowly recovered post the central bank's announcement.

The BoC increased its target for the overnight rate by 25 basis points to 4.5%, in line with expectations.

The Canadian central bank also said it is continuing its policy of quantitative tightening, which it said is complementing the restrictive stance of the policy rate.

If economic developments evolve broadly in line with its outlook, the Bank of Canada expects to keep interest rates at their current level while it assesses the impact of the cumulative rate hikes.