The Bank of Canada raised its key lending rate by 100 basis points July 13, bringing it to 2.50%. The Bank said inflation is “higher and more persistent” than what it had forecast in April, and will likely remain “around 8% in the next few months.” In its statement accompanying the decision, the Bank said, “With the economy clearly in excess demand, inflation high and broadening, and more businesses and consumers expecting high inflation to persist for longer, the Governing Council decided to front-load the path to higher interest rates…” What happens now? In the coming days, banks and other financial institutions are expected…