Canada's monetary policy update

Two days after raising rates, the Bank of Canada published its update on monetary policy. "Some modest further increase in the policy rate may be required," it says.

Introducing the report, the governor of the central bank, David Dodge, echoed the warning of tighter monetary policy to come: "Economic growth and inflation in Canada in the first half of this year have been stronger than was expected in the April Monetary Policy Report."

He added: "The Bank judges that the economy is now operating

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