British Columbia and Ontario premiers beg for the Bank of Canada not to raise rates.
Ontario Premier Doug Ford is asking the Bank of Canada to stop hiking interest rates, saying Ontario families and businesses are struggling to get by and can’t afford another increase.
The bank has raised rates 10 times since March 2022 in an effort to curb inflation. It hit pause on those hikes in January for a few months to determine whether the economy had sufficiently cooled, then resumed its campaign in June.
It’s set to make its next interest rate decision on Wednesday.
“Your rate hikes have made it next to impossible for young people, newcomers, and first-time homebuyers to have any place to call home,” Ford wrote in a letter to Bank of Canada governor Tiff Macklem on Sunday.
“I urge you to consider the effect higher interest rates are having on everyday people who are simply trying to make ends meet.”
www.cbc.ca/news/canada/toronto/doug-ford-letter-bank-of-canada-1.6956538
They are set to raise rates Wednesday.
h/t idreamofjeanshorts