Finance Minister Chrystia Freeland tried to reassure Canadians that the economy is still headed for calmer times after the central bank unexpectedly resumed raising interest rates.
“There are a lot of Canadians who are anxious right now and who will be concerned when they see this step taken by the Bank of Canada,” Freeland told reporters outside the Ottawa legislature.
“Having a good job is the key to the wellbeing of every single Canadian and their family. It’s the key to being able to pay your rent or your mortgage,” Freeland said. The move was expected by only about one in five analysts in a Bloomberg survey. It was prompted by evidence of an overheating economy, including stronger-than-expected first quarter output growth, an uptick in inflation and a rebound in housing-market activity.
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