1601 ET - Oxford Economics has revised its Canada rate outlook, and now expects rate increases in both October and December. The firm issues its new call following the release of Bank of Canada minutes ahead of the Sept. 2 decision. Tony Stillo, head of Canada economics at Oxford, said the minutes underscored the BOC's "readiness to adjust monetary policy as needed" due to the heightened inflation risk posed by elevated fuel costs. Still says the two rate hikes will be framed as "insurance moves" to ensure higher oil prices don't spill over to other goods and services. He adds the BOC is still cognizant of the drag from growth posed by the escalation of US-Canada trade tensions.