Inflation that reaccelerated in April, stronger than expected gross domestic product in the first quarter and a resurgent housing market were clues a hike was “in the cards,” said Stephen Brown, economist for Canada at Capital Economics, in a note.īank of Canada governor Tiff Macklem last month warned he was prepared to increase rates if it appeared inflation could remain stuck above the bank’s two per cent target rate. “The hike surprised the consensus and us,” Josh Nye, an economist with Royal Bank of Canada, said in a note. The next issue of Financial Post Top Stories will soon be in your inbox. If you don't see it, please check your junk folder.
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