I will certainly not try to do the job of the Governor of the Bank of Canada. All I will say is that the private sector forecasts we are using for planning purposes assume, or have built in, some increase in interest rates in 2006. The short-term rates are projected to average about 4.4%, if I recall, compared to an average of 2.7% in 2005, so it's already built into the forecasts of private sector economists.
On May 10th, 2006. See this statement in context.