could stall over the next year as the economy proves surprisingly resilient to higher borrowing costs.
“This is a slower return to target than was forecast in the January and April projections,” the bank said in its rate announcement. “Governing council remains concerned that progress towards the 2-per-cent target could stall, jeopardizing the return to price stability.” “While the Bank of Canada didn’t shut the door to more monetary tightening, Canadians might finally be seeing some light at the end of the rate-hiking tunnel,” Royce Mendes, head of macro strategy at Desjardins Capital, wrote in a note to clients.
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