Oct 30, 2018
By Michael Kramer
The Governor of the Bank of Canada, Stephen Poloz – wants Canadians to get used to the idea of three per cent interest rates – as a new normal.
Poloz raised the benchmark rate last week – for the fifth time in just over a year – to 1.75 per cent – and sent signals that future hikes could arrive sooner than previously expected.
Testifying before M-Ps in Ottawa, Poloz said many adults are used to the lower rates – and are too young to remember the much-higher rates of the 1980s, when they climbed into the teens.