The Bank of Canada on Wednesday hiked its overnight rate to a 22-year high of 4.75 percent, and markets and analysts immediately forecast yet another increase next month to ratchet down an overheating economy and stubbornly high inflation. | Reuters
Given this backdrop, the governing council determined that “monetary policy was not sufficiently restrictive to bring supply and demand back into balance and return inflation sustainably to the 2 percent target.”
“We expect another 25 basis points coming in July,” said Derek Holt, vice president of capital markets economics at ScotiaThe last time the rate hit 4.75 percent was in April and May 2001. In April, annual inflation accelerated for the first time in 10 months to 4.4 percent. First-quarter GDP rose 3.1 percent – versus the 2.3 percent forecast by the BoC – and in April the economy is seen expanding 0.2 percent.Canada
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