Given the fact that core was as expected and remained unchanged on a year on year basis, I don't think it will really change the Bank of Canada's decisions much.

You have firm inflation. The Bank of Canada has to continue tightening to keep it in check. Clearly it makes 4.25 percent more likely than 4 percent.

The simple fact that the trade sector has ceased to be a significant drag on growth will be enough to convince the Bank of Canada to move on September 7 (and beyond).

The Bank of Canada still has a constructive view on economic growth. They may be likely to raise interest rates more.

The Bank of Canada may raise the rate to 4 percent and pause. Initial reaction is a weaker Canadian dollar.

The bank is reasonably comfortable with the notion that the consumer still has pretty good fundamentals.

The economy is firmly in expansion mode so the Bank of Canada will take rates higher. Higher short-term rates will push up yields.