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Odds of Bank of Canada rate hike just went up as economy beats expectations

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The Canadian economy grew at a stronger pace than analysts were expecting, which could push the Bank of Canada to hike rates again. Read on.

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Economists are putting more stock into a rate hike at some point over the next few months, with some predicting a rise as early as next week in its June 7 meeting.Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails or any newsletter.

“It seems likely the Bank of Canada will be seriously considering raising rates next week,” said Royce Mendes, Desjardins head of macro strategy in a May 31 note. “While they might pass on changing course just yet, the belief that the central bank will further tighten policy this summer is justifiably gaining traction.”in the first quarter. It’s a figure that blew past Bay Street’s expectations of 2.5 per cent growth and the Bank of Canada’s 2.3 per cent projection.

 

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