Bank of Canada expected to push interest rates into restrictive territory

FILE PHOTO: A sign is pictured outside the Bank of Canada building in OttawaOTTAWA - The Bank of Canada is widely expected to deliver yet another oversized interest rate hike next week, lifting its policy rate into restrictive territory for the first time in two decades, but bets are split on whether or not a pause will follow.

Some economists predict the Canadian central bank may signal a pause after its anticipated hike next week, especially after the release on Wednesday of GDP data that suggested the economy may be cooling faster than expected. Canadian inflation cooled in July to an annual rate of 7.6% from 8.1% in June, but remains far above the central bank's 2% target, while the jobless rate is at a record low of 4.9%.

"The Bank of Canada is trying defend its credibility as an inflation targeter," said Andrew Kelvin, chief Canada strategist at TD Securities. "Falling short of market expectations would raise uncomfortable questions around the BoC's commitment to the inflation target."

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