The Globe and Mail reports in its Thursday, May 31, edition that the Bank of Canada has indicated interest rates are going up in July, and there will be more to come. The Globe's David Parkinson writes that central banks never come right out and say these things. The BOC, however, went to remarkable lengths in Wednesday's rate-decision announcement to send that signal loud and clear, even as it held its key rate steady at 1.25 per cent, as expected. Mr. Parkinson says the message now is that the BOC sees higher rates as necessary now and not "over time." As well, it no longer feels the need to be "cautious" about its belief that it needs to take rates higher. Some economists had already come to the conclusion that the near-term path to further rate increases was wide open. Some had argued for an increase at Wednesday's rate setting. The financial markets had not caught that drift. The evening before the rate announcement, bond-market pricing indicated the market was giving only a 17-per-cent chance of a rate hike on Wednesday, and a modest 53-per-cent chance of a hike in July. The market's implied expectation for rate hikes had fallen considerably over the previous two weeks.