The Bank of Canada raised its key interest rate for the first time since July 2023 Wednesday to tamp down inflation, a hike Ontario Premier Doug Ford panned as 'a massive mistake.'

cross-posted from: https://lemmy.ca/post/73057753

The Bank of Canada raised its key interest rate for the first time since July 2023 Wednesday to tamp down inflation, a hike Ontario Premier Doug Ford panned as “a massive mistake.”

“Higher rates won’t get oil moving through the Strait of Hormuz or lower tariffs on Canadian businesses. They will only make life more expensive for Canadian families and workers, punishing them for something they can’t control,” Ford wrote in a tweet before the announcement was made this morning.

  • Archangel1313@lemmy.ca
    6·
    4 hours ago

    “Higher rates won’t get oil moving through the Strait of Hormuz or lower tariffs on Canadian businesses. They will only make life more expensive for Canadian families and workers, punishing them for something they can’t control,”

    Wow. This fuckin’ idiot has no idea why shit is so expensive right now, does he? All the Bank of Canada can do, is slap a Band-Aid on this shit. The real “cause” of all this inflation, is sitting in the White House right now, masturbating to video clips of himself on Fox News.

    • quanin@lemmy.caOP
      3·
      4 hours ago

      The only tool the BoC has is a hammer. And the stupid part is he’s not wrong about businesses charging more to make up for the costs of the thing we can’t control. Take out gas right now and inflation’s where it should be. Will it still be in 6 months?

      • Archangel1313@lemmy.ca
        1·
        2 hours ago

        businesses charging more to make up for the costs of the thing we can’t control

        That’s literally how inflation works. In this case, it is a direct result of US foreign policy. “Taking out” the cause of the inflation, and then saying “without this, inflation would be where it should be”, is really kind of weird. Like, of course it would…but that’s not what’s happening.

        The Bank of Canada is trying to compensate for all that…they aren’t responsible for causing it. And if things keep going the way they have been, with Iran and the tariffs, then they may have to raise rates again. Or, would you rather the inflation just keep picking up speed, until no amount of rate hikes can stop it?