Inflation: Are growing concerns about a Canadian recession valid?

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A big, surprise move by the Bank of Canada this week — hiking its key interest rate by a full percentage point, bringing its benchmark lending rate to 2.5 per cent. It’s the biggest move from Canada’s central bank in nearly a quarter century. By design, it's putting the squeeze on some parts of the economy, and it has immediate financial impacts for those with variable-rate mortgages.

New polling suggests the majority of Canadians think that the economy is already in a recession. The technical definition of a recession is two consecutive quarters of contraction. While Canada is not there yet, a downturn or some sort of economic slowdown has begun.

The widespread Rogers outage on July 8th caused chaos. Emergency services were knocked out for some, while others were scrambling to pay for goods and services or couldn’t get money out from their ATM, and some businesses were unable process non-cash transactions.

The Peak Podcast’s Brett Chang joins Anne Gaviola to discuss these matters and much more.