and there was speculation the Bank would pause its most aggressive cycle in a decade at 3.25 per cent.Article content
RBC, which had previously forecast a 25 bps hike in October, now expects a 50 bps increase next month and another 25 bps in December to take the rate to 4 per cent, up from its previous forecast of 3.5 per cent. Oxford Economics also expects a 50 bps hike in October, followed by a moderate recession in late 2022, brought on by the impact of higher rates, the deepening housing correction and downturns in the U.S. and other economies.
But the economy is so hot that we have to keep increasing interest rates to cool it! Right? cdnpoli
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