ICYMI: What a Bank of Canada 0.75% rate hike would mean for mortgages and indebted Canadians — via financialpost interestrates
that more than half of businesses expect inflation to remain “substantially” above 2% for at least three years and consumers expect inflation to still be at 4% five years from now.
“Even if the bank paused a little sooner than we expect, this would still be one of the sharpest policy tightening cycles in decades,” wrote Brown.Almost 60% of Canadians surveyed for the MNP Consumer Debt Index out this morning said they were already feeling the effects of interest rate increases, a number that is up substantially from the last quarter.
If the Bank of Canada hikes its overnight rate by 75 bps to 2.25%, prime rates are expected to rise to 4.45%, putting variable rates at 3.45% and above, said LowestRates.ca. James Laird, co-CEO of Ratehub.ca, says the bond market is signalling that Canadians may get a reprieve after the predicted 75 bps hike Wednesday.
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