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Big Canadian Banks Unanimously Expect a 50-Point Hike Next Week

Tiff Macklem speaks on March 3, after the Bank of Canada raised its policy interest rate to 0.5% from the emergency low of 0.25% set when Covid-19 hit North America.
Tiff Macklem speaks on March 3, after the Bank of Canada raised its policy interest rate to 0.5% from the emergency low of 0.25% set when Covid-19 hit North America.Photographer: David Kawai/Bloomberg
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It’s unanimous: All six of Canada’s major commercial lenders now expect the Bank of Canada to move ahead with a jumbo rate hike next week.

Canadian Imperial Bank of Commerce, National Bank of Canada and Toronto-Dominion Bank ramped up their calls for the central bank to raise its policy rate by half a percentage point to 1% at its April 13 decision. They join Bank of Montreal, Bank of Nova Scotia and Royal Bank of Canada in forecasting what would be the first 50-basis-point hike since 2000.