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Why is Bank of Canada’s planned interest rate hike raising political tensions?

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The Bank of Canada is facing mounting criticism ahead of its interest rate on Tuesday, with the leader of the federal NDP calling for the central bank’s role to grow and protect possible job losses.

The bank’s policy rate has jumped three percentage points this year and is expected to rise again on Wednesday.

Experts and the Liberal government argue the Bank of Canada’s independence is critical to mitigating the upcoming economic turbulence even as questions grow about whether rising interest rates are the right path forward.

But NDP Leader Jagmeet Singh argues the central bank’s aggressive interest rate hikes aimed at tackling high inflation fail to protect workers.

Anne Gaviola has more on the Bank of Canada’s plan to fight inflation and the political pressure it's facing.

For more info, please go to https://globalnews.ca/news/9224623/bank-of-canada-employment-ndp-singh-inflation-interest-rate/
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Category
U.S. & Canada
Tags
global news, Bank of Canada, Bank of Canada interest rate
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