June 18, 2024

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Canadians should plan for higher rates in the long run, BoC’s Rogers says

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VANCOUVER — Bank of Canada senior deputy governor Carolyn Rogers is warning interest rates might not return to the low levels people were used to before the COVID-19 pandemic.

“It may be tempting to believe the low rates that we all got used to will eventually come back. But there are reasons to think they may not,” Rogers said in a speech Thursday.

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According to her prepared remarks, the senior deputy governor said structural changes to the global economy, such a shift from saving to spending by baby boomers entering retirement, could lead to higher interest rates.

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The Canadian Press

2023-11-09 12:19:50

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