But Gardner said unemployment is low in Canada, which means people can still pay their mortgages even though there’s going to be less discretionary spending for them.Article content
He said bond markets are already pricing in a recession with an inverted yield curve, which is generally not great for the banks. The gap between the 2- and 10-year Canadian bond yields widened by 11 basis points to about 15 basis points in favor of the shorter-dated bond. The benchmark Canadian stock index fell to its lowest since March 2021 after the rate decision, but recovered to trade flat by late afternoon.
Oh no 🙈 the horror.
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