February 6, 2023

The Queens County Citizen

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Bank of Canada: 8th key rate hike in a year?

Bank of Canada: 8th key rate hike in a year?

Ahead of the Bank of Canada’s key rate announcement, many economists fear another hike could further slow the Canadian economy.

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If there is a rate hike on Wednesday, it will be the eighth in less than a year.

In this context, Federal Finance Minister Chrystia Freeland has promised to be cautious in her next budget, due in March or April.

Ms. Freeland was part of a retreat with Prime Minister Justin Trudeau’s cabinet in Hamilton on Tuesday, where several economists offered their predictions for a significant slowdown in the Canadian economy.

“It has a lot of interest rate effects that we haven’t seen yet,” says Carolyn Wilkins of Princeton University.

“Especially in Canada, where we have a very indebted population, every increase in interest rates is felt very much,” she explains.

Pablo Rodriguez, Minister of Canadian Heritage, said the government will make the economy its priority and understand the reality of the Canadian population.

“Before being ministers, we are human beings,” he explained. We put gas in our tank, we buy cereal, we know what’s going on, we’re working on it.

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