The Bank of Canada surprised the markets on Thursday when it unexpectedly raised interest rates by 25 basis points. Canada forexnews
GDP hit 3.1% year-to-year in the first quarter
, rebounding after a 0.1% decline in the fourth quarter of 2022. The BoC had forecast growth of 2.3% in the first quarter. With inflation and GDP higher than expected, the Canadian economy has not cooled down enough for BoC policy makers. The BoC rate statement pointed to the inflation and GDP reports as reasons for its decision to raise rates. The tone of the statement was hawkish and the
markets have priced in another rate hike in July at 60%, with more hikes expected before the end of the year . There is no sure way to know what the central bank has planned in July, but a close examination of key data ahead of the July meeting should provide some guidance. If the Canadian economy doesn’t show signs of cooling, there is a good chance of another rate hike next month.The Bank of Canada noted that global consumer price inflation is coming down, due to lower energy prices, but core inflation remains higher than expected.
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