the benchmark rate a quarter point on March 2 that the pace of future increases would be guided by data. The data over the past few weeks show the economy is considerably stronger than the central bank expected at the start of the year., near a modern low, and the consumer price index averaged year-over-year increases of 5.4 per cent over the first two months of the year, compared with the Bank of Canada’s January forecast of 5.1 per cent in the first quarter.
Still, many of the people who get paid to predict where interest rates are headed were still hedging their bets at the start of last week, perhaps because Macklem But that was before the unemployment rate plunged to a level consistent with full employment — Statistics Canadathere were 915,500 unfilled jobs in the fourth quarter, 63 per cent more than a year earlier — and inflation went from hot to hotter.
“I expect the pace and magnitude of interest rate increases and the start of QT to be active parts of our deliberations at our next decision in April,” she said in remarks prepared for a conference hosted by the Federal Reserve Bank of San Francisco. “The reasons are straightforward: inflation in Canada is too high, labour markets are tight and there is considerable momentum in demand.
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