Bank of Canada raises policy rate for first time since 2023 on energy-driven inflation

The return of rate hikes after a long pause marks a shift in the macro backdrop that crypto and RWA markets have largely priced for easing, not tightening. The Bank's own forecast showing inflation above target through 2028 signals a prolonged higher-for-longer stance, which tends to weigh on risk appetite and tokenized yield products tied to short-rate expectations. The open question is whether other central banks follow with similar energy-driven tightening, since that would matter more for digital-asset liquidity than this single decision.