Will the BOC hike the overnight rate on July 12?

Inflation slowed sharply to 3.4% in May from 4.4% the prior month, but is well above the central bank's 2.0% target and not expected to reach it until early 2025. So the BoC will press ahead and hike the overnight rate by 25 basis points to 5.00% on July 12, according to 20 of 24 economists in the June 28-July 6 Reuters poll.

What is the bank of Canada's rate hike?

The Bank of Canada (BoC) is on track to deliver another 75 basis points (bps) hike, raising its policy rate from 3.25% to 4.00%. The bank’s Monetary Policy Report (MPR) will be published parallelly at the time of the interest rate decision.

Will a 25 basis point hike to the overnight rate be near?

“ One last 25 basis point hike to the overnight rate still looks likely at next week’s BoC policy decision, butwe continue to expect the end of the current hiking cycle is near. Inflation pressures are still running above the BoC’s target range, but have shown persistent signs of slowing.

Will a 75 bps rate hike happen in July?

“A 75 bps rate hike in July is the most likely scenario, taking policy rates to 2.25% this week. Beyond this week, we expect 50 bps hikes from both the BoC and the Fed at their September meetings and for policy rates in Canada to reach 3.5% by year-end.