Bank of canada raises interest rate to 3.75% today.
You might wonder why exactly BOC is raising it’s interest rates over time..
Here’s some reasons why:
➡️ With efforts to combat high inflation through rebalancing demand and supply
➡️ To control spending by households and businesses
➡️ Slow down International Demand
➡️ Efforts to stall economic growth
What can we expect in the near future?
➡️ Given inflation expectations and ongoing demand pressures in the economy, its expected that interest rates may rise further
➡️ BOC will continue to take actions to achieve 2% inflation target
➡️ Next Interest Rate Announcement is December 7, 2022
If you have any questions about this topic, feel free to reach out to us!
604-832-3225
PPMT.CA
Resource:
https://www.bankofcanada.ca/2022/10/fad-press-release-2022-10-26/