Singh sent a letter to Prime Minister Justin Trudeau Friday warning that another rate hike will have a 'serious impact on families' as fears of a recession grow
OTTAWA — As another interest rate hike looms, Finance Minister Chrystia Freeland is emphasizing the Bank of Canada's independence after criticism from federal NDP Leader Jagmeet Singh.
When asked by reporters Tuesday what she thought of Singh's letter, Freeland acknowledged the economic pain Canadians are feeling but noted that institutional stability is important during challenging economic times, with the Bank of Canada's independence playing an important role in ensuring stability. However, she also acknowledged that Canadians have been facing tough economic conditions amid high inflation and rising interest rates.
"This one-size-fits all solution to inflation is already laying the groundwork for a recession and making life hard for most people, especially working families and Canadians living on fixed incomes – like seniors and people living with disabilities," Singh wrote. A new report by the Centre for Future Work in collaboration with the Canadian Labour Congress called on the Bank of Canada to pause its rate hikes until it can assess the impact of previous interest rate increases on the economy.
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