Overnight swap markets suggest about a 45 per cent chance that officials led by Governor Tiff Macklem will increase borrowing costs by three quarters of a percentage point at their Sept. 7 decision. A move of that magnitude would bring the policy rate to 3.25 per cent, the highest since April 2008.U.S.
July inflation figures for Canada, due Tuesday, will be a major determinant of bets going into the Bank of Canada’s next decision. Annual price gains hit 8.1 per cent in June, the highest since the start of 1983.
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