How to prepare for Bank of Canada’s anticipated interest rate hike this week

The Bank of Canada is expected to raise interest rates again this week, as forecasters say the economy has not softened enough for the central bank to back off.

The interest rate announcement is scheduled for Wednesday. It comes just over a month after the central bank hiked its key rate by a quarter of a percentage point, bringing it to 4.75 per cent.

The June decision brought an end to the Bank of Canada's pause on rate hikes after a string of hot economic data prompted concerns that rates were not high enough to bring inflation back to its two per cent target.

Global’s Jaden Lee-Lincoln speaks with financial expert Rubina Ahmed to break down what the Bank of Canada’s anticipated interest rate hike will mean for Canadians and how to best prepare.

#GlobalNews #Canada #BankofCanada

[DRPL]

Things just getting worse here. Newsflash: we are in a recession. The news won't admit it but we are.

[real_lostinthefogofwar]

The cost of everything in Canada is exorbitant, so let's raise the cost of money too, unbelievable.

[notrob]

Strong Economic Growth = Inflated Money Supply? I don't see how that's economic growth. Increase rates is a way for the BOC to siphon money back so that there is less in supply which increases the value of our money but also results in deflation.

Our leaders' policies have resulted in inflation by adding to the money supply. Increase rates will siphon the money back.

[KlausSchawbJr]

I honestly think that it's a good time to downsize.

[charles]

People have been living a crazy life. Borrowing 6-7 times their incomes, financing two cars. Heloc etc. Learning to live within our means will be a shock.

[mrwang]

This is absolutely criminal. The rate was like 2.25% in 2020. Now it's like 5.25% No one right now can afford this sudden change. Rates should be going DOWN to give the economy more spending power.

[vasilytanygin]

c'mon budget - balance yourself already, eh?

[louern]

there’s no such thing as “learning” how to have more money 🤦🏼‍♀️ . people still need to have a f’n roof over their head and eat food and feed their family

[BlueSteel]

If I was Canadian I would relocate to a secluded log cabin deep in the forests and mountains and live off grid in blissful isolation from this messed up western world....sounds a great idea to me man ! 👍

[lindah]

With Strong economic growth comes growing inflation?!?!?!
More like government overspending and overtaxing brings high inflation

[johnlomax]

Being able to prepare and being able to manage are two completely different things. Global News, please tell us how we are supposed to manage this latest rate hike?

[pretty_troll]

the guest speaker is not being honest about consolidation loans & Global News wants to see u lose ur house.

[ilovesnature]

When I pay back double/+ the interest rate monthly, it barely shows the following month due to the rise again in interest. wth!

[Shanei]

Global News, please save this video for future use. You can probably air it another 3 or 4 more times 😂

[mrwang]

Interest rates at time of gaining mortgage should be locked through the entirety of the payments. People who saved up to pay $200, 000 to pay off the loan now have to pay like $250, 000-$300, 000. That's criminal. They basically increasing the price of the service after the sale. Thats real scammy.

[marcinhibner]

Banks keep takig back your money i understand and i love it.

[ccwwfoundationforbes]

Why do the Global News commentators sounds so goddamn happy about it ?

Do they enjoy seeing us suffer ?

[majorseventh]

The Canadian bacon is going to hit the fan and the fans on high.

[jackjanpour]

That's how boomers bought a house. They didn't go out, didn't go for vacation, take lunch to work, ....

[DavidHalverson]

Best idea is to pull your money out of the bank accounts before the banks are forced to close until the inflation rate drops back to 1%. Buy gold and silver coins and bars instead of Canadian currency and use this to purchase what you need each month.