Dampened demand expected to lead to price declines
The proportion of consumers surveyed who think a recession is likely was 50%, down from 58% in the previous quarter
Most forecasters expect the Bank of Canada to raise interest rates again in July
Stronger growth, tight labour market, and rise in inflation clinched the decision to raise key interest rate
Key interest rate now sits at 4.75%, highest it's been since 2001
Canadian economy still growing despite interest rates that are at their highest levels since 2007
Transition to higher interest rates creates risk, the central bank governor said
Rhys Mendes will become Bank of Canada deputy governor in July while Biden has made two Federal Reserve nominations
Central bank is prepared to raise interest rates further if required
Held off on a hike, but a cut in policy rate later this year ‘doesn't look like the most likely scenario’