Yesterday, it was the Royal Bank of Australia (RBA) with it's first rate hike after "skipping" a few meetings.  Today it was the Bank of Canada (BOC).  Both were somewhat surprising to financial markets and both illustrate the potential for a similar playbook from the Fed.  Bonds have been selling off aggressively after the BOC announcement. 

In it's statement, the BOC said policy "was not sufficiently restrictive to bring supply and demand back into balance."  It also added that it would be looking at whether the "evolution of excess demand, inflation expectations, wage growth and corporate pricing behavior" is consistent with its inflation goals.