The Bank of Canada raised interest rates. Was it justified? When oil crashed two emergency rate cuts were implemented. Is the Bank of Canada just taking them back now? Or, are they acting as John Crow (fifth Governor of the Bank of Canada, from 1987-1994) did in the early 90’s and raised rates to pop the housing bubble?
The unintended consequence of an interest rate increase is an appreciating currency which is not advantageous for an export lead economy such as Canada.
Canada has experienced two super cycles, real estate and commodities, both may be coming to an end meaning we could be experiencing a significant policy mistake.
Listen to the July Edition of the Pendragon Audio Blog to find out more.
View the June Commentary
Posted: July 19, 2017
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