Expect high interest rates to last for years: BMO economist | 'Significant risk' of recession

BMO senior economist Robert Kavcic says there's a 'pretty significant' risk that the Canadian economy will fall into a recession in 2023.

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[luckynumberkevin]

Thanks Robert, everything goes up but only pay rises keep stagnant. I am due to retire and I am very stressed about what comes in 2023. We have had our savings dwindle with the cost of living into the stratosphere, we are finding it impossible to replace it especially when you cant work anymore. it gets tougher by the day.

[breezybre]

Stop printing money . Government...stop spending money.

[leond]

“Rates will be low for a long long time”
-Bank of Canada

[markhoffman]

If any of these economist “experts” knew what they were talking about, we wouldn’t be heading into such a financial storm.

[Glencairns]

Yes. Rates will stay high until they fall.

[pnewfei]

Transitory Tiff had promised Low rates till 2023. While our PM does not worry about Monetary policy. Time to dump both these clowns & sidekick Freeland.

[jeremybenoit]

I'm sure it will last as long as those who benifit from it continue to do so.

[pamphilus]

We are forced to increase our profit from all the free debt we handed out last two years

[Al-emlq]

When the other Trudeau was in power. Interest Rates were around 20%. Weird Coincidence 🤪

[Relaxlifeisshort]

LOL handicap it at 50 or 60%

We are in a recession now.

[dukemocchi]

This guy actually knows what he’s talking about….

[nimaakhtarkhavari]

Keep voting for a failed drama teacher, you're doing great...

[hojoinhisarcher]

i had forgotten there is a whole generation who have not experienced a serious recession before.

[dirtlump]

I believe we are merely at the of what will be a sustained and painful economic recession fundamental.... specifically notable for it's non growth/ persistently high cpi inflation metric against which rates must remain high compounding Consumer Debt servicing stresses concurrent with skyrocketing costs of living into significant consumer spending demand destruction.
This will be painful, sustained, and almost generational asset correction in "relative" adjusted for CPI Inflation Dollars to the accrued Debt Instrument excesses post the 2008 GFC are attenuated across the wider western advanced economies standards of living over time.
There is only one way out of this mess.... all other alternatives being far worse.

[boogyjuggy]

give me 10, 15% interest rates....let it burn, let it are crazy....its about time things drop, and big hope

[parkerbohnn]

I hope they're right about that prediction. I've got a boatload of bread that comes due January 4th 2024 in the Manitoba credit unions.

[Observer]

A 20% country wide HST would be less destructive to the economy

[cbb]

It's time for a large correction and l want it badly the last few years have been tough time for interest rates to go way up

[billstevens]

The rich do not have bills to pay . The business pays the bills.

[SteveRCPilot]

The BOC lied when they said rates would stay low. Now they have more than doubled.