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BOC Analysis: CPI, Retail Data Don't Write Off July Hike
While both inflation and retail sales data published Friday came in below analysts' expectations, they did not necessarily take a July rate hike off the table, especially given that temporary or special factors were at play. The overall background has made the Bank of Canada increasingly confident it can proceed with another rate hike, although the possibility of a September move instead is higher. In its May 30 policy statement, the BOC had dropped the reference to "cautious" and instead opted for a "gradual" approach, reflecting its growing confidence. "Developments since April further reinforce Governing ... (full story)