The stronger-than-expected rise in retail sales in April suggests that household spending was resilient going into the second quarter. Both the preliminary estimate for May and the recent rebound in consumer confidence paint an optimistic outlook for consumption over the rest of the quarter, which makes it seem likely that the Bank of Canada will press ahead with another 25bp rate hike in July.
Subscriber content
Read this in full, free
Start a free trial and use one of your 10 free starter credits to unlock this piece.