Bank of Canada\u0027s deputy governor said Canadians may have to get ready for a higher interest rate environment for longer. Read more.
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Beaudry said the economic data since the central bank’s April decision, when rates remained on pause, tipped the balance and pushed the governing council to decide on a quarter-point rate hike in June.Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.
Beaudry added that Canadians may have to get ready for a higher interest rate environment for longer to bring cost pressures back down to the Bank of Canada’s target of two per cent. He noted his goal was to help Canadians become better-equipped in case the country enters a “new era of structurally higher interest rates.” He warned that the recent tremors in the global banking sector were an example of poor planning in the face of higher rates.
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