Amid another rate hike by the Bank of Canada, Finance Minister Chrystia Freeland attempted to alleviate Canadians’ financial concerns by highlighting the country’s economic recovery since COVID-19 began.
“I absolutely understand the concerns Canadians have with mortgages today, and I understand the concerns Canadians have with inflation,” Freeland told reporters in Ottawa on June 7.
“What I really think is important also for us to bear in mind is we are coming to the end of this difficult path out of the COVID economy. We are seeing inflation coming down.”
On Wednesday, the Bank of Canada (BoC) raised its benchmark interest rate to 4.75 percent, claiming that policymakers were concerned its previous 4.5 percent rate was not sufficient to bring inflation back down to its 2 percent target. Canada’s interest rate is now at its highest level in 22 years….