Rent and mortgage costs led to the first increase in the annual rate since it peaked at 8.1% in June 2022
Risk management experts cited high inflation, quantitative tightening and cyber attacks as potentially contributing to shocks
Companies paying down debt also reduce their deposits and outstanding loans, according to CIBC
Rhys Mendes will become Bank of Canada deputy governor in July while Biden has made two Federal Reserve nominations
The hike — the 12th in a row — puts more pressure on borrowers
Committee needs data confirmation before rate cycle shifts
Central bank is prepared to raise interest rates further if required
The quarter-point increase comes a day after the Federal Reserve's identical move
Analysts say the ECB's meeting Thursday could end in a quarter- or half-percentage point rate hike
Officials want to see inflation decline consistently before considering major policy shifts