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The country of Canada

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Bank of Canada rate hikes ‘at best unnecessary, at worst a mistake,’ leading economist says ahead of rate announcement next Wednesday (www.thestar.com)

submitted 1 year ago by [email protected] to c/[email protected]

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CIBC report notes that consumer spending in interest-rate sensitive areas is below pre-pandemic levels, indicating hikes not needed.

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[–] mikeyBoy14 2 points 1 year ago* (last edited 1 year ago)

“History could show that the recent Bank of Canada rate hike (and any subsequent moves) was at best unnecessary, and at worst a mistake,” said CIBC senior economist Andrew Grantham in a report.

To be fair, for all we know history will show the exact opposite -- that rates should have been raised higher and faster to control inflation.