The Bank of Canada is expected to accelerate the start of its interest-rate tightening to as early as next week, amid growing evidence the economy is hitting limits and inflation pressures are mounting. Markets are pricing in a 75% chance policy makers will move next week with traders betting on as many as six rate hikes over the next year. The hawkish calls come on the heels of the Bank of Canada’s fourth-quarter survey of business executives, which described an economy running increasingly hot, with widespread labour shortages, record inflation expectations, and strong demand.
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