The Bank of Canada increased interest rates for a sixth consecutive time today, boosting the key overnight rate by a quarter of a percentage point to 4%.

The hike had been widely expected by economists.

In its statement, the bank said “The global economy has been growing at a robust pace, exhibiting a little more momentum than had been anticipated.”

The Bank of Canada also signaled more hikes may be on the way as the economy might now be growing beyond capacity.

The central bank said: “In line with the Bank’s outlook for the Canadian economy, some modest further increase in the policy interest rate may be required to keep aggregate supply and demand in balance and inflation on target over the medium term.”

The Bank of Canada will provide on update on its view on the health of the Canadian economy when its next monetary policy report is released on Thursday.

Canada’s chartered banks responded to today’s increase by boosting the prime interest rate they charge their biggest customers by a quarter of a percentage point to 5.75%.

The central bank’s next decision on interest rates is set for May 24.