Backlash against the central bank’s rate hikes, Ontario’s housing plans in Toronto and Doug Ford avoiding questions.
Good morning. This is the Wednesday, October 26 edition of First Up, the Star’s daily morning digest. Sign upHere’s the latest on the backlash against the Bank of Canada’s rate hikes, how Ontario’s housing plans will change Toronto, and Doug Ford avoiding questions about the Emergencies Act.Backlash is growing against interest rate hikes ahead of today’s predicted 75-basis point bump
Ahead of what would be the Bank of Canada’s sixth rate increase this year, calls are growing for the bank to cool it with the aggressive hikes that are expected to cause a painful recession. As NDP Leader Jagmeet Singh said “there’s absolutely no merit to their approach,” some economists are questioning the speed with which the bank is moving, as well as its ultimate goal.