this post was submitted on 24 Dec 2023
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More Canadians to feel pinch of high rates in 2024, making way for lower inflation (www.ctvnews.ca)
submitted 6 months ago by sik0fewl@kbin.social to c/canada@lemmy.ca
5 comments fedilink hide all child comments
 

The Bank of Canada's hefty rate hikes are finally bearing fruit, as higher borrowing costs have caused a pullback in business investment and consumer spending, making way for lower inflation in 2024.

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[–] bionicjoey@lemmy.ca 14 points 6 months ago (2 children)

Austerity is killing people and the government is like "we cut down inflation, you should be thankful"

[–] blindsight@beehaw.org 13 points 6 months ago (1 children)

Austerity is government spending, not interest rates. They're decoupled from each other.

Agreed, that we don't have sufficient support, for lower-income and homeless Canadians, in particular. But the central bank did largely the right thing (I cry into my variable-rate mortgage). Interest rates needed to go up to chill inflation, and it's possible the BoC may have threaded the needle on that perfectly.

[–] tarsn@lemmy.ca 6 points 6 months ago (1 children)

Austerity is still coming when the Cons get in next election cycle

[–] GrindingGears@lemmy.ca 6 points 6 months ago

No that's not austerity, that's spending slashed because they need to do wholesale money transfers from public coffers to private hands. CONServative.

[–] Reverendender@sh.itjust.works 13 points 6 months ago

It’s a fundamentally fucked and broken system.