{"id":19188,"date":"2022-03-02T19:09:32","date_gmt":"2022-03-02T19:09:32","guid":{"rendered":"https:\/\/www.pantheregroup.com\/2022\/03\/02\/bank-of-canada-hikes-interest-rate-what-economists-say\/"},"modified":"2022-03-02T19:09:32","modified_gmt":"2022-03-02T19:09:32","slug":"bank-of-canada-hikes-interest-rate-what-economists-say","status":"publish","type":"post","link":"https:\/\/www.pantheregroup.com\/2022\/03\/02\/bank-of-canada-hikes-interest-rate-what-economists-say\/","title":{"rendered":"Bank of Canada hikes interest rate: What economists say"},"content":{"rendered":"<div style=\"text-align:center\"><\/div><p> \n<\/p>\n<div id=\"\">\n<header aria-label=\"Beginning of Article\" class=\"article-header\">\n<nav aria-label=\"Breadcrumb\" class=\"breadcrumbs\">\n<h2 class=\"visually-hidden\">Breadcrumb Trail Links<\/h2>\n<ol class=\"breadcrumbs__items list-unstyled\">\n<li class=\"breadcrumbs__item\"> News <\/li>\n<li class=\"breadcrumbs__item\"> FP Economy <\/li>\n<\/ol>\n<\/nav>\n<p class=\"article-subtitle\"> Economists weigh in on the first rate hike since 2018 <\/p>\n<figure class=\"featured-image\"><picture class=\"featured-image__ratio\"><\/picture><figcaption class=\"featured-image__caption image-caption\"><span class=\"caption\">Bank of Governor Tiff Macklem raised interest rates Wednesday. <\/span> <span class=\"credit\">Photo by Sean Kilpatrick\/Canadian Press\/Bloomberg<\/span> <\/figcaption><\/figure>\n<\/header>\n<section class=\"article-content__content-group\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p data-async=\"\">The Bank of Canada raised the key policy rate to 0.5 per cent from 0.25 per cent, the first increase since October 2018 and the kick-off of a hiking cycle intended to quell elevated inflation.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group\">\n<section class=\"ad\">\n<h2 class=\"visually-hidden\">Advertisement<\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-2\">\n<div class=\"ad__inner__container\" data-ad=\"[[6,6],[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-interscroller=\"6x6\" data-ad-loc=\"2\" data-ad-mobile=\"[[6,6],[320,50],[300,50],[300,250],[300,600]]\" id=\"ad-2\" style=\"--desktopHeight:250px;--mobileHeight:600px\">\n<div class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div><\/div><\/div><\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p>Below is a round-up of economists\u2019 takes on the latest decision by Governor Tiff Macklem and his deputies:<\/p>\n<h3>Royce Mendes, head of macro strategy at Desjardins<\/h3>\n<p>\u201cToday\u2019s rate hike is the first step in the most consequential tightening cycle in decades. Monetary policymakers are trying to slow down already-red hot inflation instead of their typical tact of heading off price pressures before they fully emerge.\u201d<\/p>\n<p>\u201cThe Bank of Canada did acknowledge the additional tailwinds to inflation from the conflict in Ukraine and headwinds to global growth, neither of which were incorporated in its January Monetary Policy Report.\u201d<\/p>\n<h3>James Orlando, senior economist at Toronto-Dominion Bank<\/h3>\n<p>\u201cThe Bank of Canada\u2019s policy path isn\u2019t set in stone. The Russia\/Ukraine conflict is causing financial conditions to tighten. Should the spillover become more entrenched, further tightening may need to be reassessed.\u201d<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group\">\n<section class=\"ad\">\n<h2 class=\"visually-hidden\">Advertisement<\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-3\">\n<div class=\"ad__inner__container\" data-ad=\"[[7,7],[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-interscroller=\"7x7\" data-ad-loc=\"3\" data-ad-mobile=\"[[7,7],[300,250],[320,50],[300,50]]\" id=\"ad-3\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div><\/div><\/div><\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<figure class=\"embedded-image\"><picture class=\"embedded-image__ratio\"><img decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/ywAAAAAAQABAAACAUwAOw==\" fifu-lazy=\"1\" fifu-data-sizes=\"auto\" fifu-data-srcset=\"https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/03\/fp0303-2022-boc-rate-1.png?quality=90&strip=all&w=288&ssl=1&w=75&resize=75&ssl=1 75w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/03\/fp0303-2022-boc-rate-1.png?quality=90&strip=all&w=288&ssl=1&w=100&resize=100&ssl=1 100w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/03\/fp0303-2022-boc-rate-1.png?quality=90&strip=all&w=288&ssl=1&w=150&resize=150&ssl=1 150w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/03\/fp0303-2022-boc-rate-1.png?quality=90&strip=all&w=288&ssl=1&w=240&resize=240&ssl=1 240w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/03\/fp0303-2022-boc-rate-1.png?quality=90&strip=all&w=288&ssl=1&w=320&resize=320&ssl=1 320w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/03\/fp0303-2022-boc-rate-1.png?quality=90&strip=all&w=288&ssl=1&w=500&resize=500&ssl=1 500w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/03\/fp0303-2022-boc-rate-1.png?quality=90&strip=all&w=288&ssl=1&w=640&resize=640&ssl=1 640w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/03\/fp0303-2022-boc-rate-1.png?quality=90&strip=all&w=288&ssl=1&w=800&resize=800&ssl=1 800w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/03\/fp0303-2022-boc-rate-1.png?quality=90&strip=all&w=288&ssl=1&w=1024&resize=1024&ssl=1 1024w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/03\/fp0303-2022-boc-rate-1.png?quality=90&strip=all&w=288&ssl=1&w=1280&resize=1280&ssl=1 1280w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/03\/fp0303-2022-boc-rate-1.png?quality=90&strip=all&w=288&ssl=1&w=1600&resize=1600&ssl=1 1600w\" alt=\"\" class=\"embedded-image__image lazyload\" fifu-data-src=\"https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/03\/fp0303-2022-boc-rate-1.png?quality=90&strip=all&w=288&ssl=1\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/03\/fp0303-2022-boc-rate-1.png?quality=90&strip=all&w=288,\n                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/03\/fp0303-2022-boc-rate-1.png?quality=90&strip=all&w=576 2x\" height=\"884\" loading=\"lazy\" width=\"1000\"\/><\/picture><\/figure>\n<h3>Stephen Brown, senior economist at Capital Economics<\/h3>\n<p>\u201cWhile the Bank noted that the war in Ukraine will have \u2018negative impacts on confidence\u2019 and that \u2018new supply disruptions could weigh on global growth\u2019, it also highlighted that, due to the impact on energy and food prices, Canadian \u2018inflation is now expected to be higher in the near term than projected in January\u2019 and that this \u2018persistently elevated inflation is increasing the risk that longer-run inflation expectations could drift upwards\u2019.\u201d<\/p>\n<h3>Josh Nye, senior economist at Royal Bank of Canada<\/h3>\n<p>\u201cThe BoC will have to weigh additional inflationary pressure brought on by that conflict against two-way domestic impacts (increased revenue for commodity producers, higher prices for consumers) and concerns about the global economic outlook. Central banks would normally look through geopolitically-driven commodity price pressures, but with inflation already so far above target the BoC has said it is more concerned about upside risks to inflation than downside. Indeed, it said \u201cpersistently elevated inflation is increasing the risk that longer-run inflation expectations could drift upwards.\u201d In addition to inflation expectations, the bank will be keeping an eye on financial conditions. Government bond yields have fallen amid growth concerns and rising risk aversion, but corporate credit spreads have widened. Other financial channels have been fairly steady\u2014the Canadian dollar has been in a tight range over the past month and the TSX has held up well relative to other equity markets. At this early stage, we don\u2019t think geopolitical developments preclude a follow-up hike in April, nor do they argue for the more aggressive tightening path that markets continue to price.\u201d<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group\">\n<section class=\"ad\">\n<h2 class=\"visually-hidden\">Advertisement<\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-4\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"4\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" id=\"ad-4\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div><\/div><\/div><\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<h3>Stephen Tapp, chief economist at Canadian Chamber of Commerce<\/h3>\n<p>\u201cInflation pressures are broadening, medium-term inflation expectations are creeping up, and tight labour markets are causing wage pressures to build. Across a range of sectors, Canadian businesses are struggling with rising costs, and many say they\u2019ll eventually have to raise prices. Thankfully, the economic recovery now looks sufficiently entrenched that it should be able to withstand the steady tightening of financial conditions that\u2019s needed over the next few years to control inflation.\u201d<\/p>\n<h3>Tu Nguyen, economist at RSM Canada<\/h3>\n<p>\u201cWhat the rate hike can do is help anchor long-run inflation expectations, which have begun drifting from the 2 per cent target. The Bank\u2019s actions can also play a role in cooling overheated housing market which has been breaking one record after another. As borrowing becomes expensive, households would think twice and hold off on buying.\u201d<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group\">\n<section class=\"ad\">\n<h2 class=\"visually-hidden\">Advertisement<\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-5\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"5\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" id=\"ad-5\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div><\/div><\/div><\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<h3>Kelli Bissett-Tom, director at Fitch Ratings<\/h3>\n<p>\u201cWhile the Canadian economy is humming \u2013 with 4.9 per cent GDP growth in 2021 according to StatCan\u2019s preliminary estimates, robust consumption, high household savings \u2013 and the labor market firms with 6.5 per cent unemployment in January, the risks to wage pressure and long-term price expectations are quite material. The start of the higher interest rate path and the investable balance-sheet reduction that we expect to commence during 2022 will remove fuel from the heated Canadian housing market, although supply constraints and skilled-immigration demand remain long-term structural features.\u201d<\/p>\n<h3>Benjamin Reitzes, rates strategist at Bank of Montreal<\/h3>\n<p>\u201cAssuming the economy maintains its forward trajectory and inflation stays hot (little doubt there near-term), the BoC \u2018expects interest rates will need to rise further.\u2019 That\u2019s consistent with the rate hike path narrative and our expectation for another 25 bp rate hike at the April meeting. Meantime, there were no changes on the balance sheet front, though policy-makers are looking at ending reinvestment and QT. An April announcement on that front is possible, and we could get more colour from governor Macklem\u2019s speech and press conference tomorrow.\u201d<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group\">\n<section class=\"ad\">\n<h2 class=\"visually-hidden\">Advertisement<\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-6\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"6\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" id=\"ad-6\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div><\/div><\/div><\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<h3>Charles St-Arnaud, chief economist at Alberta Centra<\/h3>\n<p>\u201cOverall, today\u2019s BoC decision supports our view that we should see further rate increases at the April and June meeting, bringing the policy rate level to 1.00 per cent by the summer and ending the year at 1.25 per cent. As for the balance sheet, the BoC has expressed a preference for using rate hikes rather than reducing the balance sheet size (QT) to remove the policy stimulus. With this in mind, we wouldn\u2019t be surprised if a decision regarding the end of the reinvestment phase of QE only comes after another round or two of rate hikes.\u201d<\/p>\n<h3>Taylor Schleich, Warren Lovely, Jocelyn Paquet, strategists at National Bank of Canada<\/h3>\n<p>\u201cDespite the uncertainty created by the Russian invasion of Ukraine, there was never really a doubt that we\u2019d get the Bank of Canada\u2019s first rate hike since 2018 today. Moreover, this was not the \u2018dovish hike\u2019 that some had expected. With the Bank citing higher than expected growth and upside risks to inflation, it appears that a steady dose of normalization continues to be in the cards. While the Ukrainian crisis remains fluid and presents clear risks to the outlook, it looks like we\u2019re on track for a second consecutive hike in April. Where the outlook becomes a little murkier is later in the year, if the crisis in Europe were to rage on and financial conditions continued to deteriorate. In this context, the risks to our forecast for five 2022 rate hikes might be skewed to the downside but we feel that there are still at least a couple of \u2018easy\u2019 rate hikes ahead in any event.\u201d<\/p>\n<h3>Darcy Briggs, portfolio manager at Franklin Templeton Canada<\/h3>\n<p>\u201cYou\u2019re going to see a lot more volatility (in the bond market) because there\u2019s a heightened level of uncertainty that has to do with geopolitics and we still have a pandemic underway.\u201d<\/p>\n<p data-async=\"\"><em>\u2022 Email: bbharti@postmedia.com | Twitter: <a class=\"twitter-follow-button\" data-evt=\"click\" data-evt-typ=\"click\" data-evt-val=\"{\" control_fields=\"\" link=\"\" href=\"https:\/\/twitter.com\/biancabharti\" rel=\"nofollow noopener\" target=\"_blank\">biancabharti<\/a><\/em><\/p>\n<\/section>\n<section class=\"article-content__share-group article-delimiter\" data-evt=\"beforeunload\" data-evt-typ=\"page_scroll\" data-evt-val=\"{\" control_fields=\"\">\n<h2 class=\"visually-hidden\">Share this article in your social network<\/h2>\n<\/section>\n<div class=\"article-content__ad-group\">\n<div class=\"ad__section-border ad__section-border--category visually-hidden\">\n<section class=\"ad\">\n<h2 class=\"visually-hidden\">Advertisement<\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-acceptable\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-acceptable=\"\" data-ad-loc=\"1\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" id=\"ad-acceptable\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div><\/div><\/div><\/div>\n<\/section>\n<\/div><\/div>\n<div class=\"widget article-content__widget-group article-content__widget-group--slot1\">\n<section aria-labelledby=\"FinancialPostTopStories6998281261735352141697064419048367\" class=\"newsletter-widget fp-headlinenews\" data-account-id=\"b9d3df2fccd108b5eff3c44f573b2cd6\" data-newsletter=\"single\" data-newsletter-component=\"\" data-target-list=\"FP_HeadlineNews\" data-widget=\"newsletter\"><img decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/ywAAAAAAQABAAACAUwAOw==\" fifu-lazy=\"1\" fifu-data-sizes=\"auto\" fifu-data-srcset=\"https:\/\/storage.googleapis.com\/pmd-stage-northamerica-northeast1-dcs-static-files\/9.5.1\/websites\/images\/newsletters\/logo\/newsletter-envelope.svg 75w, https:\/\/storage.googleapis.com\/pmd-stage-northamerica-northeast1-dcs-static-files\/9.5.1\/websites\/images\/newsletters\/logo\/newsletter-envelope.svg 100w, https:\/\/storage.googleapis.com\/pmd-stage-northamerica-northeast1-dcs-static-files\/9.5.1\/websites\/images\/newsletters\/logo\/newsletter-envelope.svg 150w, https:\/\/storage.googleapis.com\/pmd-stage-northamerica-northeast1-dcs-static-files\/9.5.1\/websites\/images\/newsletters\/logo\/newsletter-envelope.svg 240w, https:\/\/storage.googleapis.com\/pmd-stage-northamerica-northeast1-dcs-static-files\/9.5.1\/websites\/images\/newsletters\/logo\/newsletter-envelope.svg 320w, https:\/\/storage.googleapis.com\/pmd-stage-northamerica-northeast1-dcs-static-files\/9.5.1\/websites\/images\/newsletters\/logo\/newsletter-envelope.svg 500w, https:\/\/storage.googleapis.com\/pmd-stage-northamerica-northeast1-dcs-static-files\/9.5.1\/websites\/images\/newsletters\/logo\/newsletter-envelope.svg 640w, https:\/\/storage.googleapis.com\/pmd-stage-northamerica-northeast1-dcs-static-files\/9.5.1\/websites\/images\/newsletters\/logo\/newsletter-envelope.svg 800w, https:\/\/storage.googleapis.com\/pmd-stage-northamerica-northeast1-dcs-static-files\/9.5.1\/websites\/images\/newsletters\/logo\/newsletter-envelope.svg 1024w, https:\/\/storage.googleapis.com\/pmd-stage-northamerica-northeast1-dcs-static-files\/9.5.1\/websites\/images\/newsletters\/logo\/newsletter-envelope.svg 1280w, https:\/\/storage.googleapis.com\/pmd-stage-northamerica-northeast1-dcs-static-files\/9.5.1\/websites\/images\/newsletters\/logo\/newsletter-envelope.svg 1600w\" alt=\"Top Stories Newsletter logo\" class=\"newsletter-widget__logo newsletter-widget__logo--FP_HeadlineNews\" height=\"80\" loading=\"lazy\" fifu-data-src=\"https:\/\/storage.googleapis.com\/pmd-stage-northamerica-northeast1-dcs-static-files\/9.5.1\/websites\/images\/newsletters\/logo\/newsletter-envelope.svg\" width=\"97\"\/><\/p>\n<div class=\"newsletter-widget__body\">\n<h2 class=\"newsletter-widget__title\" id=\"FinancialPostTopStories6998281261735352141697064419048367\">Financial Post Top Stories<\/h2>\n<p class=\"newsletter-widget__text\">Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.<\/p>\n<div class=\"js-replace-main\">  <small class=\"newsletter-widget__disclaimer text-size--micro\"> By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails. Postmedia Network Inc. | 365 Bloor Street East, Toronto, Ontario, M4W 3L4 | 416-383-2300 <\/small> <\/div>\n<div class=\"js-submit-success\" hidden=\"\" id=\"submitSuccessFP_HeadlineNews\">\n<h3 class=\"newsletter__feedback--heading\">Thanks for signing up!<\/h3>\n<p class=\"newsletter-widget__text\">A welcome email is on its way. If you don&#8217;t see it, please check your junk folder.<\/p>\n<p class=\"newsletter-widget__text newsletter__feedback--last\">The next issue of Financial Post Top Stories will soon be in your inbox.<\/p>\n<\/p><\/div>\n<p class=\"newsletter-widget__text js-submit-error\" hidden=\"\" id=\"submitErrorFP_HeadlineNews\"> We encountered an issue signing you up. Please try again <\/p>\n<\/p><\/div>\n<\/section>\n<\/div>\n<footer aria-label=\"Article Comments\" class=\"article-footer\">\n<section class=\"comments__section\" id=\"comments\">\n<h3 class=\"widget-title comments-anchor\" id=\"comments-area\">Comments<\/h3>\n<p class=\"comments__section-disclaimer\"> Postmedia is committed to maintaining a lively but civil forum for discussion and encourage all readers to share their views on our articles. Comments may take up to an hour for moderation before appearing on the site. We ask you to keep your comments relevant and respectful. We have enabled email notifications\u2014you will now receive an email if you receive a reply to your comment, there is an update to a comment thread you follow or if a user you follow comments. Visit our Community Guidelines for more information and details on how to adjust your email settings. <\/p>\n<\/section>\n<\/footer>\n<\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/>\n<br \/>Bank of Canada hikes interest rate: What economists say<\/a><br \/>\n<br \/>2022-03-02 19:09:32<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Breadcrumb Trail Links News FP Economy Economists weigh in on the first rate hike since 2018 Bank of Governor Tiff Macklem raised interest rates Wednesday. Photo by Sean Kilpatrick\/Canadian Press\/Bloomberg&#8230;<\/p>\n","protected":false},"author":2,"featured_media":19189,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/03\/tiff-macklem0302.jpg?quality=90&strip=all&w=288&h=216","fifu_image_alt":"","footnotes":""},"categories":[31],"tags":[],"class_list":["post-19188","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy"],"_links":{"self":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts\/19188","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/comments?post=19188"}],"version-history":[{"count":0,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts\/19188\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/media\/19189"}],"wp:attachment":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/media?parent=19188"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/categories?post=19188"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/tags?post=19188"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}