Bank of Canada Governor Tiff Macklem participates in a news conference on the bank's interest rate announcement on July 24.Justin Tang/The Canadian Press
The Q+A is now over, click here to read the answers.
The Bank of Canada recently kicked off a long-awaited monetary policy easing cycle with back-to-back interest rate cuts. The central bank first lowered the policy rate to 4.75 per cent in June from 5 per cent – a level reached last summer after one of the most aggressive campaigns of rate hikes on record. It then opted to cut the benchmark interest rate for a second consecutive time in July to 4.5 per cent, teeing up additional rate cuts this year.
So, what do the latest rate cuts mean for the overall economy, the housing market and everyday Canadians? On Aug. 7 at 9:30 a.m. ET, Globe and Mail reporters Mark Rendell and Matt Lundy answered reader-submitted questions about the Bank of Canada’s latest monetary policy decisions.
Will the rate cuts offer relief on the impact of mortgage renewals? Could the next interest rate decision in September be affected by America’s slow economy? Is inflation still a major economic concern? Scroll down to the comments to read the answers to these questions and more.
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