As interest rates rise the less confidence Canadians — Albertans in particular — have in the Bank of Canada to navigate the inflation crisis
The poll found 52 per cent of Canadians are not confident the bank is making the right decision, including 18 per cent not confident at all and 34 per cent not that confident. Another 15 per cent were unsure.
The lack of confidence in the Bank of Canada stretched across all major federal political parties. Conservative Party of Canada supporters had the lowest confidence numbers at 67 per cent, with seven per cent not sure, while 47 per cent of those who had most recently voted NDP also said they did not have much confidence, while another 19 per cent were unsure. Forty-seven per cent of Liberal voters did have confidence, while 53 per cent of Bloc voters said they had confidence.
Raising interest rates will take months to have an effect on inflation, and St-Arnaud predicts the rate to go from 2.5 per cent to 3.5 per cent by 2023 to create a reduction in domestic demand. He calls it the great consumer squeeze, as people are being hit by rising cost of living and interest rates, while salaries are not keeping pace.Article content
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