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John Murray, Senior Fellow at the C.D. Howe Institute and a former Deputy Governor at the Bank of Canada, tells BNN Bloomberg the Bank of Canada's guidance following its 25 basis points rate hike was too explicit about prospects for a pause, and that the markets might run with it further than they should. He believes there is still a fair amount of stimulus in the economy and that more interest rate hikes could be needed as year-over-year core inflation is essentially unchanged since last year. He says much of the inflation drop may be due to lower energy prices and supply chain easing, and could prove short-lived.