BoC expected to raise rates again this week, vying to quash inflation faster - BNN Bloomberg

The Bank of Canada is expected to raise interest rates again this week as forecasters say the economy has not softened enough for the central bank to back off.

Deloitte's chief economist, Dawn Desjardins, said there have been some recent signs that the economy is taking a turn, with the latest job report for June showing the unemployment rate rising and wage growth slowing. The Bank of Canada has stayed mum on what it plans to do in July, offering little forward guidance to financial markets. Instead, it has said the governing council would make its decision based on incoming economic data.

Wage growth also slowed down significantly to 4.2 per cent last month. That's compared with a year-over-year gain of 5.1 per cent in May. "We are still seeing a lot of underlying strength in the in the Canadian labour market, and much more so than you would expect with the overnight rate approaching five per cent," said Randall Bartlett.

Statistics Canada's preliminary estimate suggests the economy expanded again in May, after remaining flat in April.

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