Dollars and SenseNationalNews
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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