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In a recently published article, Bloomberg’s  Theophilos Argitis argues that  Bank of Canada Governor Stephen Poloz can’t hold off raising interest rate any longer  as businesses warn of wage pressures and inflation remains above the central bank’s target.

Nonetheless, according to the author, Poloz won’t be in any hurry after this week’s decision amid the possibility of a real trade war with the United States and will wait and see how the macroeconomic data evolves.  

“The message is that the Bank of Canada sees the need for higher rates but has also made clear it needs to get sufficient economic data to confirm the economy can live with it. There is no preset calendar to higher rates and how fast they come will depend on how well the economy does,”  Avery Shenfeld, chief economist at CIBC World Markets Inc., told Bloomberg.