Thu. Aug 11th, 2022

Financial analysts are predicting three increases in Canada’s interest rate this year, which could have some major effects on the economy and the average Canadian.

As reported by Storeys, financial analysts are calling for an increase of 50 base points — with 1 base point equalling 0.01 of a percentage point — three times over the coming months.

What this means is that we could see an interest rate increase from the current 0.50% to around 2% by the time July rolls around.

After that, they are expecting it to go down to a 0.25% per rate announcement, which could mean an interest rate of around 3% to 3.25% by March 2023.

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