The Bank of Canada is likely to increase interest rates for a second consecutive meeting, bringing borrowing costs to a level not seen in 22 years. Economists and markets expect Governor Tiff Macklem and his officials to raise the benchmark overnight rate to 5% on Wednesday at 10 a.m. in Ottawa. Most major commercial lenders in Canada predict the hike will be the last in this cycle. Policymakers aren’t likely to explicitly signal that they’re finished. Instead, they may be inclined to leave the threat of more hikes on the table as they assess how the economy is absorbing higher interest payments. That would also ... (full story)