and there was speculation the Bank would pause its most aggressive cycle in a decade at 3.25 per cent.Article content
RBC, which had previously forecast a 25 bps hike in October, now expects a 50 bps increase next month and another 25 bps in December to take the rate to 4 per cent, up from its previous forecast of 3.5 per cent. Oxford Economics also expects a 50 bps hike in October, followed by a moderate recession in late 2022, brought on by the impact of higher rates, the deepening housing correction and downturns in the U.S. and other economies.
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