
Bank of Canada Raises Benchmark Interest Rate
Yesterday was Wednesday the 13th – but for some, it might have felt like Friday the 13th. That’s because the Bank of Canada announced they’re upping their rate by a whopping 0.50%. This rate hike means that the prime rate will increase from 2.7% to 3.2%, a fairly sizable jump relative to what we’ve seen in the last couple of years.
All of this might seem terrifying. But let me assure you: there’s no need to panic.
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