Better-than-expected economy puts pressure on Canada’s central bank to raise rates, but most forecasters expect a move could come later in July.
The Bank of Canada is set to announce Wednesday whether they’re going to start raising interest rates again, after a raft of stronger-than-expected economic data.
Last March, the bank began an aggressive rate-hike campaign in a bid to drive inflation down, pushing its key overnight rate to 4.5 per cent from 0.25 per cent. “The BoC has been fairly clear that its conditional hold since January relied upon developments conforming to its expectations,” wrote Holt, Scotiabank’s head of capital markets economics. “That clearly has not been the case.”
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