The Bank of Canada delivered a larger-than-expected interest rate hike of a full percentage point Wednesday, bringing its overnight rate to 2.5 per cent.
Earl Davis, head of fixed income at BMO Global Asset Management, tells BNN Bloomberg that the Bank of Canada’s 100 bps rate hike today is a jump towards acceleration and higher terminal rates. He says the BoC is still behind the curve and will have to hike rates beyond 3 per cent just to start tightening, and will eventually have to take rates higher than inflation. “The cure for inflation is a recession,” he adds, calling the higher than expected U.S.
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