
Has the Bank of Canada gone too far?
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The Impact of Interest Rate Increases on the Economy
The first sector of the economy to respond to higher interest rates is housing. People are finding that they are paying more for leasing or for servicing existing debt. Businesses can't expand as much, so not as many people get hired. So whether you're losing a job, you can't get a job, or you are losing hours of work, more people are losing more purchasing power.
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