Economists: BoC March interest rate hike a done deal

Other major central banks, including the Fed and the Bank of England, are also expected to raise rates in March to tackle inflation which is at multi-decade highs, with some economists calling for an aggressive 50-basis-point move by the Fed.

MONTREAL: The Bank of Canada (BoC) will raise interest rates by 25 basis points on March 2, earlier than previously thought and ahead of the United States Federal Reserve (Fed), according to economists surveyed in a Reuters poll, which also showed expectations that rates will be higher by year-end than previously thought.

Just one month ago, economists predicted the BoC would wait until the second quarter to hike rates. But persistently higher inflation, which accelerated to a 30-year peak in January, prompted them to bring forward expectations.