The Bank of Canada (BoC) has continued its aggressive monetary tightening policy with the highest policy interest rate among the G7 countries, currenting sitting at 3.25% as of September 7th.
In turn, Canadian banks have increased their prime rates to 5.45%. The goal is to tamp down inflation that has been rampaging at a frenetic pace. Many financial institutions and experts are predicting these interest rates may trigger a 2023 recession.
How does this impact Alberta?
Alberta's economy is somewhat insulated from a market downturn. With world energy prices about to potentially increase this winter (if Russia continues its war efforts) then the Alberta government in conjunction with local energy companies are in good shape to cash in. Our…
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