IEI - Central Banks Sit Tight As Pain Spreads
2024-03-07 12:30:00 ET
Summary
- On March 6, the Bank of Canada announced it would hold its key interest rate at 5%, the highest since 2007.
- Roughly 20% of Canadian mortgages are up for renewal in 2024 and more than that in 2025.
- As consumers struggle to make ends meet, financial strain is contagious; Canadian business insolvencies rose 48.8% in January, the highest since 2006.
Yesterday, the Bank of Canada announced it would hold its key interest rate at 5%, the highest since 2007. At the press conference, Governor Macklem confirmed that policy discussions considered how long rates should stay at present levels but added, "It's still too early to consider lowering the policy interest rate." ...
Central Banks Sit Tight As Pain Spreads