NDP Leader Jagmeet 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
When asked by reporters Tuesday what she thought of Mr. Singh’s letter, Ms. 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.
In his letter, Mr. Singh reaffirmed support for the Bank of Canada’s independence and acknowledged the bank is following its mandate by raising interest rates, but warned the aggressive rate hikes would hurt workers. A growing number of economists are forecasting Canada will enter a recession in 2023 as the effect of higher interest rates works its way through the economy. Since March, the Bank of Canada has raised its key interest rate from 0.25 per cent to 3.25 per cent, making it one of the fastest monetary policy tightening cycles in its history.
However, Governor Tiff Macklem said in recent weeks the bank’s primary focus is restoring price stability, as is outlined by its mandate.
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