CBC News ~ November 12th, 2022

For years now, central banks around the world have helped consumers and businesses weather economic storms. In crisis after crisis, they cut interest rates to help people get through. They printed money and bought bonds to prop up markets.

This time, those same banks are actively making life more difficult.

“I’m sure some of this does feel a bit counterintuitive,” Bank of Canada governor Tiff Macklem said.

The Bank of Canada has raised interest rates six times since March. Rates have shot up from 0.25 per cent to 3.75 per cent. And the bank has warned it’s not done yet.

“We do think we still need to raise rates a little bit further,” Macklem told CBC News in an interview this week. “How far, we will see.”

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