“The labour market remains tight: higher immigration and participation rates are expanding the supply of workers but new workers have been quickly hired, reflecting continued strong demand for labour. Overall, excess demand in the economy looks to be more persistent than anticipated.”
The decision to hike was a surprise though many economists had expected the central bank to raise rates again over the summer. July was seen as the most likely meeting for the hike. Royce Mendes, managing director and head of macro strategy at Desjardins, argued that where there’s one hike, there’s likely more to follow.
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