The Bank of Canada wants evidence that its aggressive campaign of rate hikes is starting to dampen economic activity. Economist James Orlando said Canada's strong jobs report tonight muddied the waters for the central bank, and the yield on the Canadian 2-year Treasury note initially rose on the data. The increase in employment partly reflects job growth from immigration-driven population growth. Financial markets are pricing in another 25 basis point rate hike by the Bank of Canada before the end of 2023. The central bank may need to see signs of weakness in upcoming data on inflation, real estate and retail sales before it won't raise rates again.