Bank of Canada look ahead: Economists expect seventh straight rate hike
BNN Bloomberg
Economists are forecasting the Bank of Canada will hike interest rates for the seventh-straight time on Wednesday.
According to economists’ estimates tracked by the Bloomberg terminal, the average forecast is a 50-basis-point (bps) increase from the Canadian central bank, but several experts are also leaning towards a 25-basis-point increase.
“We're looking for a 25bps hike tomorrow but the consensus is almost evenly split between 25bps and 50bps,” said Josh Nye, senior economist at the Royal Bank of Canada in a phone interview on Tuesday.
“That's kind of what Macklem framed his decision as back in October, 25bps or 50bps, and I mean their guidance is pretty clear that there they were planning more rate hikes as of October so we think they will follow through with that.”
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Markets in Canada and the U.S. continued to trade lower while oil went up late morning on Friday as inflationary fears prevailed among investors.
Gold prices fell by 1.8 per cent on Friday as the dollar strengthened on a report that the United States will deploy extra troops in the Middle East, fanning concerns of higher oil prices, inflation, and with it, elevated interest rates.
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