70% chance BoC could hike interest rate next week

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July 11 is when the Bank of Canada (BoC) is expected to make a rate decision and most investors and financial analysts are betting on an expected rate hike.

This came after Stephen S. Poloz Governor of the BoC told reporters he expects to continue raising interest rates despite mounting trade tensions because inflation has already hit the central bank’s 2 per cent target.

Poloz said the economic “big picture” supports a withdrawal of stimulus given interest rates remain at historically low levels.

This rate hike will have an effect on the sluggish housing market. – CINEWS

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