The Bank of Canada announced a quarter percentage point rate hike this morning, bringing its key interest rate to 4.75 per cent.
Excess demand in the economy appears to be more persistent than the bank previously anticipated, the rate announcement said, citing a tight labour market, better-than-expected economic growth in the first quarter as well as “surprisingly strong” consumption growth.
Though the Bank of Canada had little to say about its future plans, many forecasters like Mendes are now convinced that another rate hike is coming in July. “If I were them, I would have just stayed at four and a half per cent and wait see some more data,” he said. “Well, inflation has come down a lot with, in fact, an unemployment rate lower than it was in January 2020.”This advertisement has not loaded yet, but your article continues below.Earlier in the year, the Bank of Canada announced it would pause its aggressive rate-hiking cycle that began in March 2022.
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