The economy expanded at an annualized rate of 3.1% in the first three months of the year, Statistics Canada said, exceeding both analysts' and the central bank's expectations.
The next policy announcement is due on June 7. Money markets are pricing in a 40% chance of a hike next week, up from 28% before the data, and they fully expect an increase of 25 basis points by September. The central bank increased its key overnight rate by 425 basis points to 4.5% between March of last year and January. It has since kept rates on hold, but warned that they could go higher.
Canadian households spent more on new trucks, vans and sport utility vehicles and on semi-durables like garments in the quarter, while spending on non-durable goods declined slightly.
Source: Financial Digest (financialdigest.net)
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