No further rate hikes expected this year, BoC survey of market participants finds
will not raise rates again and will start cutting a little later than previously anticipated, according to a survey of market participants released by the central bank on Monday.
In the previous survey released in April, when the BoC’s key policy rate was at 4.50 per cent, median expectation was for a rate cut in January. Money markets still see a chance for another rate hike this year. Earlier this month, the BOC said there was excess demand in the economy as it raised its GDP forecast and extended the timeline for inflation to return to the bank’s 2% target.The bank has hiked rates 10 times since March 2022 and said it could raise rates further because of the risk of inflation stalling above its two per cent target.
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