Bank of Canada debated waiting until July to hike interest rates

📆 6/21/2023 8:40 PM
📰 nationalpost

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The Bank of Canada considered waiting until July to raise rates, but ultimately decided to act sooner amid hot economic data. Read on.

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The central bank released on June 21 its summary of deliberations for its June interest rate announcement, shedding light on the decision toSign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails or any newsletter. Postmedia Network Inc.

But the Bank of Canada says the decision to raise rates was prompted by a recent string of economic data that showed the annual inflation rate ticked higher and consumer spending was more resilient than expected. Those numbers reinforced concerns among members of the bank’s Governing Council that higher rates were needed to cool

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