Bank of Canada Warns Higher Interest Rates Are Here to Stay
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Canadians should prepare for interest rates to stay higher long-term, not return to pre-pandemic lows, says Bank of Canada's Carolyn Rogers.
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Higher rates for prolonged period driven by shifts like aging population, high government debt, geopolitical risks.
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Nearly 40% of mortgage holders already facing higher payments; more impacted as mortgages renew over next years.
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Financial institutions need to manage risks proactively as higher rates leave less wiggle room.
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Bank of Canada officials repeatedly warning higher neutral rate is "new normal" with fiscal deficits, energy transition needs.