The 2.6% annualised gain in GDP last quarter was much stronger than the Bank of Canada’s forecast for a 1.8% increase and was accompanied by sizeable upward revisions to data in previous quarters. Together with the strong preliminary estimate for monthly growth in January, it is likely that the Bank of Canada will keep rates on hold next month providing that President Trump does not go ahead with a 25% tariff on most goods imports from Canada next week.
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