Bank of Canada preview: The storm clouds are gathering in the Canadian economy ...Middle East

There is no reason for the Bank of Canada overnight target rate to be at 3.75% any longer.The economy is sliding and unemployment has risen to 6.8% from a low of 4.8%. The housing market is slumping in much of the country and population growth is slated to go into reverse for the next two years.Canadian consumers have held up surprisingly well so far but the weight of interest continues to bite. Canadian mortgages largely work on 5-year re-set cycles so all the buyers from the ultra-low rates of 2020 and 2021 will be hit with inevitably-higher resets in those years. One quirk the Bank of Canada will have to work through is a two-month VAT holiday that starts December 14. That's will skew eco

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Bank of Canada preview: The storm clouds are gathering in the Canadian economy ...Middle East

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