text: I personally felt that the BoC had adequately signaled its intent to raise rates, and was not surprised at all to find they had. Normally I would think the criticism ill-founded, except that it comes from no less than Douglas Porter himself. Out of great respect for him, I will defer of course to his judgment.
  
  But I can see how the signals could be considered unclear, and how the forecasting may have been excessively challenging. Changes in the overnight rate are predicated on inflation, and the core rate is remaining stubbornly low, under 2%. I'm certainly not complaining about low and consistent inflation, but I can understand the confusion when everything but the inflation rate seems to have determined the interest rate hike. 
  
  After so many years of static rates and tired pedantic pronouncements, my heart flutters at this macroeconomic melodrama.