A supersize rate hike is expected from the Bank of Canada

Adam had the news here earlier:

• BOC business outlook survey: Most businesses expect inflation above 3% for two years

Reuters have a recap up:

• Consumer inflation expectations surged in Canada, hitting fresh highs in the short-term and up "significantly" over the long-term ... bolstering calls for a very rare 75-basis point rate increase

With remarks from Andrew Grantham, senior economist at CIBC Capital Markets:

• "In particular, long-term (consumer) inflation expectations increased dramatically,"
• adding the across-the-board jumps were "not good news" for the central bank

A 75bp rate hike is expected at the next Bank of Canada monetary policy meeting,

• statement due on Wednesday, July 13 at 1400 GMT
• It will be accompanied by an updated Monetary Policy Report
• Bank of Canada Governor Macklem will speak at this press conference, following at 1500 GMT