The bank’s declaration of a conditional pause on Jan. 25 seemed to suggest Macklem was comfortable winding down his hiking cycle. Most economists assumed Canada’s highly indebted households had been pinched enough to slow their spending, cooling the economy and inflation pressures., however, fuelling consumer confidence as many Canadians thought the central bank was done raising rates. Traders in overnight swaps started to increase their bets that cuts would come by the end of the year.
He’s not alone in facing that challenge. Officials at the Federal Reserve are saying U.S. rates will need to go higher. The European Central Bank isn’t done hiking yet, and Bank of England policy is becoming a national obsession in the U.K.likelihood of a recession
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