A Bank of Nova Scotia economist who announced last week his call for an additional rate hike from the Bank of Canada says that it is needed in order for the central bank to reinforce its mandate to Canadians.
Jean-François Perrault, senior vice-president and chief economist at Scotiabank, says that while raising rates a fourth of a per cent in June could pose its own risks to the Canadian economy, it is necessary for the bank to demonstrate to Canadians that is sticking to this fight.
The bank has held its overnight lending rate at 4.25 per cent since March and is set to announce its latest interest rate decision on June 7. In addition to Canada’s elevated living costs, Perrault also pointed to the country’s exceptionally strong housing market and high employment as two other key data points that don’t ease the affordability challenge.
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