THINK OUTSIDE THE BOX:  The Bank of Canada has hiked its overnight target rate by 25 basis points to 4.75%.

The move was partially expected by markets and marks the Bank’s first rate hike since January.

In its statement, the Bank said that with consumption growth “surprisingly strong” and an uptick in inflation in April, it determined that “monetary policy was not sufficiently restrictive to bring supply and demand back into balance and return inflation sustainably to the 2% target.”

The Bank said it will “continue to assess the dynamics of core inflation and the outlook for CPI inflation.”  Click here to read the Full Statement