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The Bank of Canada delivered the half-point rate hike that Bay Street expected this morning, taking the target for its overnight rate to 1.5 per cent. It’s the second straight move of that magnitude, and the language in the statement is decidedly hawkish. It warned inflation “will likely move even higher in the near term” and “the risk of elevated inflation becoming entrenched has risen.” And so the bank reiterated previous language about being ready to act “forcefully” and that it expects more hikes will be needed. How many more? And how high? That’s what we’ll probe today as we bring in guests to assess the implications for the economy, fixed income markets, banks, household finances, and housing markets.

This may be the most overt criticism of the Canadian government’s travel policies that I’ve seen from the chief executive of a major Canadian airline. In a tweet yesterday evening (from an unverified account), WestJet CEO Alexis von Hoensbroech said “there is no more logic to maintain” the vaccine mandate for travelers and workers in the airline industry. He added that dropping the mandate would “relax some of the operational challenges at airports.”

The S&P/TSX Composite Index shed points yesterday for the first time since May 18, ending its longest winning streak since October as energy heavyweights Canadian Natural Resources, Suncor, and Enbridge dragged down the market. Glass half-full perspective: the TSX is up five per cent since the recent low on May 12. Glass half-empty: the TSX is down six per cent from its record closing high on March 29.

TELL US WHAT YOU REALLY THINK, ELON

“They should pretend to work somewhere else.” That’s what Elon Musk said in a tweet early this morning, after someone tweeted out a leaked (purported) memo sent by Musk to Tesla’s executive staff that ordered them to work in the office at least 40 hours per week if they also want flexibility to carry out some duties remotely. Can’t help but wonder how that tone goes over with his team and the signal it sends to Twitter’s workforce as they watch Musk’s takeover attempt play out.