Bank of Canada hiked rates amid ‘surprisingly resilient’ consumer spending - National | Globalnews.ca

On Wednesday, the central bank released a summary of its deliberations that led to the quarter-percentage-point rate increase on June 7 following two consecutive decisions to hold the policy rate steady.

Three consecutive months of growth in housing activity and prices also showed the economy was proving more resilient in the face of higher interest rates, per the deliberations.Governing council floated a few reasons why consumers have proven to be unfazed by higher rates. Elsewhere, the Bank of Canada said it was seeing persistently “elevated core inflation” in the latest Consumer Price Index release,

Randall Bartlett, senior director of Canadian Economics at Desjardins, said in a note Wednesday that the strength in consumer spending was “broad–based” across most subsectors and provinces.

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