The Globe and Mail reports in its Wednesday, Aug. 26, edition that the Bank of Canada could hike interest rates two weeks from now, a move that was all but unthinkable before the markets started crumbling amid fears of a major downturn in China's economy. The Globe's David Parkinson writes that a rate cut is in the works not because Stephen Harper got on the phone with BOC Governor Stephen Poloz, although some market participants took the news of the call that way. Mr. Poloz values the BOC's closely guarded independence far too much to allow political concerns to muddy his monetary policy agenda. While the Tory government has been accused in the past of dipping an occasional toe into issues that are considered the purview of the central bank, it is not unheard of for the Prime Minister and the Governor to have a talk every now and then -- though it is unusual indeed for Mr. Harper's office to broadcast it to the news media. Mr. Parkinson says any rate move will be Mr. Poloz's decision, not Mr. Harper's. The BOC's most recent economic outlook assumed the price for West Texas Intermediate oil would average near $60 a barrel. The price sat below $39 on Tuesday.