Those frustrated by Canada’s interest rates may just have to brace themselves again.
In an interview with the Financial Post, the chief economist at BMO Capital Markets, Douglas Porter, predicted that Canadians can expect Bank of Canada to have not one but three more interest rate hikes within this year.
“Our view is that they are actually going to continue to raise rates at the three meetings this year,” he stated.
It may sound super grim but some solace can be found in the fact that he doesn’t think it will be as severe as the July interest rate hike.
“We don’t see a repeat of the 100 basis point move,” Porter said. “I think that was a statement, a measure to convince the market and Canadians that they are well aware of the inflation challenge we are now facing and that they’re on top of it.”
He goes on to say that they think there will be another cumulative 1% interest hike over the…