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While inflation may have peaked at 8.1 per cent in June, it is still well above the two per cent target set out in the Bank of Canada's mandate. "The ultimate impact may be viewed as a consequence to people for over-leveraging or indebtedness and undue risk, but it's fair to say that while many have naturally predicted a rise in rates, few thought it would be so jarringly fast." Def Leppard Lyrics 'Rock On' (originally by David Essex) Hey kid, rock and roll Rock on, ooh, my soul Hey kid, boogey too, did ya Hey shout, summertime blues Jump up and down in my blue suede shoes Hey kid, rock and roll, rock on And where do we go from here Which is the way thats clear Still looking for that blue jean, baby queen.
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"The biggest dilemma the Bank of Canada faces is not how to crush inflation but how to do so without crushing many Canadians who never expected such a rate escalation to occur," Maru executive vice-president John Wright said.
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The Bank of Canada has been rapidly hiking its benchmark interest rate in the wake of skyrocketing inflation, issuing five consecutive hikes, four of them outsized. At the same time, 43 per cent say rising interest rates are not a problem for either themselves or their family.
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