Bank of Canada puts credibility on the line with hawkish hold

BNN: 'Governor Tiff Macklem was going to risk losing some credibility at this week’s Bank of Canada decision, whatever he did. His own analysts presented him with evidence the economy is on the cusp of overheating and made a clear-cut economic case to hike immediately. But Macklem had told Canadians and investors they’d get a heads up before increasing rates. A move Wednesday could have been seen as a betrayal of that promise. Instead, he chose to leave the bank’s policy rate unchanged at 0.25 per cent for at least five more weeks.'