— remains well off the Bank of Canada’s target of two per cent. Cost pressures are receding, but perhaps not fast enough for an institution that’s mandated to achieve price stability. In other words, the Bank of Canada’s credibility is at stake. That’s one reason most of the professionals who are paid to predict the trajectory of Canadian interest rates say Macklem will raise the benchmark rate at least one more time. Citigroup Global Markets Inc.
Despite the increase, however, the central bank said the game had changed. Policymakers opted against raising interest rates in January 2022, but they did emphatically state that they would be raising the benchmark rate when they updated policy five weeks later. They followed through, locking in a sequence of policy meetings where the only question under consideration was how high? With headline inflation on its way to a June peak of 8.
“We indicated that going forward, we will be considering whether to increase rates further,” deputy governorMacklem’s dashboard
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