Federal Reserve hikes policy rate 50 basis points, while remaining flexible in fighting inflation.

The Bank of Canada embarked on a swift tightening path, but secular forces still weigh on the longer-run interest rate outlook.

The U.S. Federal Reserve raised the policy rate at the March meeting and signaled more hikes to come given the risks from high inflation.

At the January 2022 meeting, the U.S. Federal Reserve signaled an accelerated timetable to normalize policy, but it will be a long process amid an uncertain environment.

The strong inflation report combined with employment data will likely prompt the U.S. Federal Reserve to begin hiking its policy rate in March.