Today, bank of canada increased their interest rates by .5 percent. Being a dumb, what’s the reason behind it. How does it impact a common man in day to day spendings?
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It also had a huge adjustment on the stock market. and peoples investments. People close to retirement may not be able to recover in time. and have to work past their intended retirement date.
It has slowed down the housing market – causing housing prices to decrease in some cases from last month or YoY, and now people qualify for less for a mortgage.
Inflation makes everything go up because our dollar becomes less valuable and has less buying power in the world. Rising the interest in theory will slow inflation and strengthen our dollar, but it has put us into a recession.
If you are not feeling the effects of all of this, consider yourself privileged.
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