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After the publication of positive forecasts of some companies and as a result of increased optimism about the North American Free Trade Agreement (NAFTA), the Bank of Nova Scotia expects that the Bank of Canada will raise rates two more this year.
According to Nova Scotia, despite the slowdown in economic growth, capacity utilization in the economy reached its highest level in 12 years, and the volume of unfulfilled orders is growing. In addition, there is a shortage of labor.
These factors are likely to push up inflation over the next years, say in Scotiabank, expecting two rate hikes this year and three more rate increases in 2019.