Canadians Feeling The Pain From Bank Of Canada Rate Hikes

The Bank of Canada (BOC) announced a 0.25% interest rate hike, marking the 10th increase since March 2022 and bringing the overnight rate to 5%, the highest in 22 years! The move comes as the Canadian economy, which has been stronger than expected, is expected to slow down due to the impact of higher interest rates. Although recent inflation rates have eased to 3.4% in Canada and 3% in the United States, the core inflation rate remains at 3-4% and has been more persistent than anticipate...