The Bank of Canada has dismissed claims by a commercial bank economist that it failed to properly signal its recent rate hike, triggering volatility in financial markets.

Douglas Porter, chief economist at Bank of Montreal, issued a scathing research note on September 8, criticising the absence of communication in the two months running up to the decision. “What we had here was a failure to communicate – an epic fail. And that’s just not on,” he writes.

The Bank of Canada’s decision to raise