RBC CEO Dave McKay says Canada is headed for a slowdown as higher interest rates designed to curb inflation slow consumer spending. Read on
a quarter percentage point to 4.5 per cent on Jan. 25. Since March of 2022 the central bank has hiked eight times, adding 4.25 percentage points, to bring its benchmark rate to a 15-year high., where activity is down almost 40 per cent and prices have fallen roughly 15 per cent, McKay said.
However, McKay said unprecedented amounts of liquidity still held by consumers and corporations should prove a big buffer to any downturn. McKay said the liquidity has swelled to about $300 billion from about $40 billion that consumers and businesses had on hand before the pandemic. McKay estimates the “unprecedented” amount of liquidity is almost 20 per cent of gross domestic product.Article content
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