The Bank of Canada introduced its first policy rate increases since 2018 in its latest announcement – and it’s not likely to wait long before it hikes that rate again.
That’s the view of BMO Financial Group chief economist and managing director Doug Porter (pictured top), who told Canadian Mortgage Professional that further quarter-point raises in each of the Bank’s next two rate announcements were a very real possibility.
“Historically, the Bank of Canada has not tended to fool around once they start raising interest rates. They tend to go on a series of moves when they decide it’s time to start moving on rates, and I didn’t get the sense that they were going to change from that pattern this time either,” he said.
“I would expect them to hike rates again in April and probably the next meeting after that.”
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