The Bank of Canada will likely need to keep interest rates at or above 4 per cent for most of 2023 to cool an overheated economy and tame high inflation, the International Monetary Fund said in a report.
The IMF, in its annual review of Canada's economy released late Thursday, said "the key immediate priority is to bring inflation down without triggering a recession," and that it welcomed the Bank of Canada's "decisive policy tightening." Inflation has been edging down after surging to a four-decade high in June, but is still more than three times the central bank's 2 per cent target.
Slowing growth should also push unemployment to rise moderately and reach the pre-pandemic level of around 6 per cent by next year, IMF added.
Higher interest rates equal's higher inflation. How has no one caught on to this?
Of course.
Why not raise it to 15% until everyone loses everything. Then we can go back to serfdoms.
Too little too late. Should've been done at least a year ago. All they've accomplished is to prolong the agony.
So 8% it will be great!
These central 'banks' need to be shut down immediately.
🖕
Bank of Canada is hitting the working class.
Not for long...interest rates have to come down or the economy will implode.
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