Signals have been piling up that the Bank of Canada will hike rates by 75\u002Dbasis\u002Dpoint hike this week. Find out more
that more than half of businesses expect inflation to remain “substantially” above 2% for at least three years and consumers expect inflation to still be at 4% five years from now.
“Even if the bank paused a little sooner than we expect, this would still be one of the sharpest policy tightening cycles in decades,” wrote Brown.Almost 60% of Canadians surveyed for the MNP Consumer Debt Index out this morning said they were already feeling the effects of interest rate increases, a number that is up substantially from the last quarter.
If the Bank of Canada hikes its overnight rate by 75 bps to 2.25%, prime rates are expected to rise to 4.45%, putting variable rates at 3.45% and above, said LowestRates.ca. James Laird, co-CEO of Ratehub.ca, says the bond market is signalling that Canadians may get a reprieve after the predicted 75 bps hike Wednesday.
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