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Interest Rate Hike Will Have a ‘Dramatic Effect’ on Canadians

Source: Solarina Ho CTV News, July 15, 2022

There are already concerns that soaring interest rates could drive the country into a recession/

The Bank of Canada’s aggressive one per cent rate increase on Wednesday caught many by surprise and will likely have a considerable financial impact for many Canadians, says one economist.

“It’s going to have an immediate, pretty dramatic effect on a lot of people’s borrowing costs,” Stephen Brown, senior Canada economist at Capital Economics, told CTV’s Your Morning on Thursday.

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