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How to prepare for Bank of Canada’s anticipated interest rate hike this week

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The Bank of Canada is expected to raise interest rates again this week, as forecasters say the economy has not softened enough for the central bank to back off.

The interest rate announcement is scheduled for Wednesday. It comes just over a month after the central bank hiked its key rate by a quarter of a percentage point, bringing it to 4.75 per cent.

The June decision brought an end to the Bank of Canada's pause on rate hikes after a string of hot economic data prompted concerns that rates were not high enough to bring inflation back to its two per cent target.

Global’s Jaden Lee-Lincoln speaks with financial expert Rubina Ahmed to break down what the Bank of Canada’s anticipated interest rate hike will mean for Canadians and how to best prepare.

For more info, please go to https://globalnews.ca/news/9815405/mortgage-amortization-risks-costs-interest-rate-canada/

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Category
U.S. & Canada
Tags
global news, Canada, canada
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