. That would lift the benchmark rate to 3.25 per cent, a restrictive level where monetary policy acts as a drag on the overall economy.
Home sales and prices have fallen sharply from their peak earlier this year, while preliminary data from Statistics Canada suggests the country’s gross domestic product contracted in July. The job market also appears to be cooling, with about 74,000 jobs lost in June and July. Several financial institutions, including Royal Bank of Canada and Desjardins, have said the central bank’s rate hikes will likely push the Canadian economy into a recession in 2023.
“While higher interest rates, slower growth and softer labour-market conditions will bring down inflation, they will also bring some pain to households and businesses. These are the unfortunate costs of reducing inflation. But a failure to restore price stability would mean far greater pain,” Mr. Powell said.
“Global factors and energy prices falling out of inflation, that’s the low-hanging fruit,” said David Watt, chief economist at HSBC Canada, in an interview. All eyes will be on Wednesday’s rate decision statement for hints about the future and the possible end point, or “terminal rate,” of this interest rate cycle. Most private-sector economists expect a terminal rate of between 3.5 per cent and 4 per cent.
Source: Financial Digest (financialdigest.net)
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Bonjour Madame et Monsieur faisant moi crédits pour un hôpital
still lots of home investors owning multiple homes
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Glad that borrowing costs begin to bite. Another two more hikes should bring some sense into the economy. We can have a happy new year.
GDP growth is up, employment is through the roof, solid trade and budget surplus Fucking send ‘er
I guess people should have been saving eh?
Increase how much you spend on your mortgage to help the fact that you are spending too much on your groceries….got it
There will be a few more. One more before new years and then it'll pick up to offset spring growth and construction.
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Bite right in the ass!
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