STRONG GDP MEANS INTEREST RATE HIKE MAY BE IN THE WORKS

Aug 31, 2017

By Michael Kramer

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New economic numbers from Statistics Canada are giving strength to predictions – that the Bank of Canada will announce a second increase of its benchmark rate – in the coming weeks.

Growth in the second quarter in the country’s Gross Domestic Product far exceeded forecasts – increasing 4.5 per cent.

It’s the strongest expansion of the economy in the first half of the year since 2002.

But many observers have cautioned that uncertainty could emerge next year – as the Bank of Canada and the U-S Federal Reserve mull over further interest rate hikes – and with debt loads in Canada already high – such a move could trigger an economic shock – that may affect some Canadians’ ability to pay back loans.

 

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