BoC’s Macklem: Refuses to rule out raising interest rates by more than 50 bps, but says it would be unusual

Bank of Canada Governor Tiff Macklem on Monday refused to rule out lifting interest rates by more than 50 bps, but said that such a move would be very unusual, reported Reuters. He also said that the government’s 2022 budget is expansive, but will have very little macro-economic impact. 

His remarks come after said he expects the bank will be considering another 50 bps increase in June, and that how high rates go will depend on how the economy responds and how the outlook for inflation evolves.