The ECB will raise rates by a quarter-point in July and left open the possibility of a more drastic, half-point hike in September
Bank of Canada is 'prepared to act more forcefully if needed'
The Federal Reserve raised the benchmark short-term interest rate to a range of 0.75% to 1%
The rise will increase the cost of loans such as variable-rate mortgages that are linked to the benchmark
The widely expected quarter-point increase is the central bank's first interest rate hike since October 2018