The Bank of Canada is set to release its latest interest rate decision on Wednesday and economists are largely anticipating rates to remain on hold yet again.
, and while there have been growing calls for a possible hike this week and even more so for July, the average consensus between economists tracked by Bloomberg is for a rate pause in June.
Reitzes cautioned that if the economy continues on this trajectory and exceeds the bank’s two per cent inflation target rate – additional tightening will be needed. “The belief that the central bank will further tighten policy this summer is justifiably gaining traction,” Royce Mendes, managing director and head of macro strategy at Desjardins, wrote in a note to clients on May 31.“Further signs that higher interest rates aren’t slowing the economy as expected would tip the scales towards a hike in July,” Claire Fan, economist at RBC, wrote in a note to clients on June 2.
She argued that not enough was being done to tame runaway inflation, which is much higher than the bank’s inflation target rate.
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