Play Videoover the first three months of the year. It’s a figure that blew past Bay Street’s expectations of 2.5 per cent growth and the Bank of Canada’s own 2.3 per cent projection.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.
Markets are now pricing in a 40 per cent chance of a hike next week, up from 28 per cent before the data, Reuters reports, and they now expect an increase of 25 basis points by September. “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.”
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