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Wilkins: More than 70% of Canadian industries are expanding. Diversity helps support strong and sustained growth pic.twitter.com/LGlWunDKJd — Bank of Canada (@bankofcanada) June 12, 2017

For nearly two years, the rate has been locked at the very low level of 0.5 per cent as a way to help lift the economy.

“As growth continues and, ideally, broadens further, (the bank’s) governing council will be assessing whether all the considerable monetary policy stimulus presently in place is still required,” Wilkins said in a speech delivered at the Asper School of Business in Winnipeg.

“Just think about it, if you saw a stop light ahead, you would start letting up on the gas so that you could slow down smoothly. You don’t want to have to slam on the brakes at the last second. Monetary policy must also anticipate the road ahead.”

But despite the bank’s brightening outlook, Wilkins underscored several lingering uncertainties that suggest it won’t be ready to raise its benchmark as early as its next scheduled announcement July 12.

She pointed to unknowns surrounding U.S. economic policy and Canada’s recent below-target inflation readings, as well as employment weaknesses in wage growth and the number of hours worked.

Experts noted Monday how the speech was filled with optimism about the economy’s trajectory.

“The hawkish nature of the speech is the first acknowledgment from the bank that the next move is likely to be a hike,” CIBC’s Royce Mendes wrote in a research note to clients.