Bank pulls out all the stops with 100 bp hike

The Bank of Canada’s 100 bp hike today and its accompanying communications have led us to upgrade our forecast for the policy rate to 3.5% by the October policy meeting, from 3.0%. As the commodity price and global supply chain assumptions underpinning the Bank’s new forecasts are already looking out of date, however, we would be surprised if it went any further than that.

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