Canada Finally Hits 2% Inflation Target

[Economy 52,844]

https://www.bnnbloomberg.ca/business/2024/09/17/inflation-in-canada-hits-2-target-for-first-time-since-2021/

 

Last months inflation reading finally came in at 2% dead bulsey of the Central Banks target, slightly better than the 2.1% that was anticipated.

 

Canada like nearly every other Country dealt with high inflation from mid 2021 onward and had to raise rates quickly to fight

 

Interest rates were risen to a peak of 5% and have since been dropped 3 times to now be at 4.25%. Further drops are expected

[Economy 52,844]

@GagaSine @LaLa @VANTABLACK @juicyjuicy @JustinTrudeau

 

We won

 

Now to recover from our non official recession that contracted GDP Per Capita for 2 years straight but economy still grew cuz population grew even faster making us not officially in recession even though we were totally in one  

[Flapjack 1,264]

And yet here we are, still not able to find work. Happy for everyone else though

[Economy 52,844]

1 hour ago, Flapjack said:

And yet here we are, still not able to find work. Happy for everyone else though

Well, inflation in part dropped due to weakening economy so 

 

But i feel u. My brother has been unemoloyed for 14 months now and given his health issues deter him from some types of work, even tougher.

[Diamond Blood 4,552]

I dont know what going on so either 

YAAAAAAAAAY 

Or

NOOOOO

[Delulu Rogers 7,662]

I thought rates were as high as 6%? Anyways, happy that my mortgage payments go more toward the principle now

[Economy 52,844]

1 hour ago, Delulu Rogers said:

I thought rates were as high as 6%? Anyways, happy that my mortgage payments go more toward the principle now

Ur probably thinking of Prime Rates and mortgage rates

 

In my OP i was talking about the benchmark rate set by central bank (also known as trend setting rate). It influences rates in lending and credit but it is not the rate consumers pay themselves directly

 

The way things work, Mortgage rates are typically always a little bit higher than the benchmark because bonds will tend to follow benchmark and the banks got a slap a premium margin on top of bond borrowing in order to make any money

 

When bench mark hit 5%... 2 year bond yields were around 4.5% and 5 year bonds around 4%

 

This translated to 2 year fixed mortgages being around 6% to 6.5% and 5 year fixed to just north of 5.5% as they had about a 1 % to 1.5% premium on them (depending on the institution and type of mortgage)

 

Variable rate mortgages tend to follow the benchmark almost exactly (with a slight premium as well)

[Flapjack 1,264]

4 hours ago, Economy said:

Well, inflation in part dropped due to weakening economy so 

 

But i feel u. My brother has been unemoloyed for 14 months now and given his health issues deter him from some types of work, even tougher.

He and I are in the same position then. I'd fully work construction or something if I could but I'm stuck hidden away. Can't wait to just pretend it'll be okay. 

[StarstruckIllusion 53,564]

Trudeau ate 

Pierre lost

Jagmeet… ??? but go off king

[Economy 52,844]

7 hours ago, StarstruckIllusion said:

Trudeau ate 

Pierre lost

Jagmeet… ??? but go off king

I dont want Jagmeet either 

 

God I dont like ANY of our 3 options