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Latest Interest Rate Update!

The odds of the Bank of Canada hiking rates on July 11 just shot back up to 70%!

The Canadian dollar was climbing yesterday, Thursday, as bets on a rate hike rose.

Investors are raising bets the Bank of Canada will move ahead with an interest rate hike next month, after Governor Stephen Poloz reiterated his outlook for higher borrowing costs.Odds of a rate hike at the July 11 rate decision jumped to more than 70% yesterday Thursday, from just 50% a day earlier.

Poloz told reporters he expects to continue raising interest rates in spite of mounting trade tensions, because inflation has already hit the central bank’s 2 per cent target.

Poloz told reporters after a speech in Victoria, British Columbia, “We’ve said clearly that, given where the economy is, we’re in a situation where the economy will warrant higher interest rates,”.  The central bank also isn’t likely to be derailed by “single-data points,” referring to a string of disappointing economic numbers in recent weeks, or heightened trade uncertainty whose actual impact remains unknown.

Poloz’s speech on Wednesday was definitive about the overall direction of the rate path.  Financial Post

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