Central Banks

The Bank of Canada Is Likely Ready to Start Hiking Interest Rates Again

Sticky inflation, housing rebound leave Macklem little choice
Move may not come until July as officials await more data

Tiff Macklem pauses during a speech to the Toronto Region Board of Trade on May 4.Photographer: Cole Burston/Bloomberg

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By Erik Hertzberg

June 6, 2023 at 4:30 PM UTC

This article is for subscribers only.

The Bank of Canada probably isn’t done raising interest rates.

Whether they move now or in July, policymakers led by Governor Tiff Macklem are expected to resume their tightening campaign. About one in five economists surveyed by Bloomberg say the central bank will raise its benchmark overnight rate 25 basis points to 4.75% on Wednesday, when it delivers a statement-only decision at 10 a.m. in Ottawa.