“We thought the BoC might wait until July to accumulate a few more data points and refresh its forecasts, but consistent with a proactive approach throughout this tightening cycle, Governing Council surprised the consensus with a 25 basis rate hike.
“We also believe that concerns regarding its reputation may have played a role in tilting the balance toward a hike this month. The BoC has been under intense scrutiny and criticism for having left interest rates too low for too long during the recovery from the pandemic and being partly responsible for the current high inflation. By acting aggressively, the bank is likely trying to restore its credibility as an inflation fighter and influence inflation expectations.
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