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Raise the interest rate once every half a year, so that those who choose the floating rate to repay the loan will directly cry and faint in the toilet.
An economist said the bank of Canada raised interest rates sharply by 1 per cent on Wednesday, which surprised many people and could have a considerable financial impact on many Canadians.
“this will have a direct and dramatic impact on the borrowing costs of many people,” said Stephen Brown, senior Canadian economist at Capital Economics.
However, “the bank’s actions tell us that it will do whatever it takes to bring down high inflation.”
Most economists had expected Canada to rise sharply by 75 basis points. However, the jump from 1.5 per cent to 2.5 per cent was the largest single rate hike by the central bank since 1998 and the fourth this year.
However, sources say the central bank’s rate hike has not yet been completed. There will be a big wave of interest rate hikes before the end of the year.
The Bank of Canada “at all costs” risked an economic downturn by raising interest rates to curb inflation.
There are already fears that soaring interest rates could tip the country into recession, but most economists say the rate hike is helpless because the central bank has no other means to curb inflation.
Canada’s annual inflation rate soared to 7.7% in may, the highest level since 1983 and well above the bank of Canada’s 2% target. While the central bank expects inflation to peak at 8 per cent in the coming months, Capital Economics forecasts a peak of 8.3 per cent.
Nonetheless, some commodity prices around the world have begun to cool and global freight rates have fallen sharply, Brown said. Everything is also in the direction of benign.