Canada's central bank raised a key interest rate on Wednesday for the third consecutive time this summer. The Bank of Canada raised its benchmark rate by a quarter percentage point to 1 percent. In June, Canada became the first Group of Seven (G7) country to increase interest rates since the global economic crisis. It raised rates again in July. The central bank said borrowing conditions remain stimulative and said any further rate increases will be carefully considered due to the unusual uncertainty surrounding the economic outlook. The bank expects the economic recovery in Canada will be slightly more gradual than it projected earlier because of a weaker outlook in the United States, Canada's biggest trading partner.
