BANK of Jamaica (BOJ) Governor Richard Byles has hinted that the central bank is contemplating legal recourse to get commercial banks to move interest rates in line with similar movements by BOJ.

Out of 19 economists, 18 agreed on prospects of a rate hike, with most pointing to a recent change in tone of the BOJ leadership as driving their expectations.

The BOJ fumbled its communication in December, surprising investors when it left rates steady, but then telegraphed Friday’s increase so unambiguously that markets had 90% priced it in and took ...