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Bank of Canada Issues Warning of Raising Rates Above 3%

Source: Amanda Connolly Global News, June 20, 2022

The deputy governor of the central bank, Paul Beaudry, issued the warning earlier in June.

Rampant inflation in the Canadian economy means the Bank of Canada will have to raise rates above three per cent to bring things back under control, suggests one economist.

Don Drummond, an economist and fellow with Queen’s University, spoke with The West Block‘s Mercedes Stephenson and said while the Bank has been clearly signalling an intent to raise rates back between its normal two to three per cent range, that’s a “minimum” for what is needed.

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