Posthaste: Why Bank of Canada rate hikes might really be over this time

But even without the fire damage, the economy was slower than the bank had expected, he said. The fires would have had, for example, which dropped 8.2 per cent on a slump in both construction and renovations.

Randall Bartlett, senior director of Canadian economics at Desjardins Group, said the GDP data, along with other recent economic indicators, should remove any doubt the bank will pause this week. The data led CIBC economists, who had been expecting a hike tomorrow, even though they would consider it overkill, to change their minds.

Shenfeld said he does not expect governor Macklem to declare that rates have peaked when he announces the bank’s decision.

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