Rising interest rates will increase borrowing costs and slow the economy. But they won’t address one of the biggest drivers of inflation: fossil fuel costs.
The chair of the U.S. Federal Reserve, Jerome Powell, took the dramatic step of increasing borrowing costs by 0.75 per cent, a move Canada is expected to follow. He said the move will slow demand and help get the jobs market balance out.
“But there are many things we can’t affect,” Powell told reporters this week in Washington.
Justin’s legacy will be cemented by his decision to make Canadians suffer for his vanity.
