Really, and where did you buy your crystal ball from? Everybody is coming up with scenarios which change on a daily basis. Biden was touting economic fortune, based on job numbers, and the next day it was announced, jobs fell by an unprecedented amount.
So how much of this do you want to believe? I guess we believe what we want to... and disregard the rest. So lets pin this statement as of Nov 6, 2023 and come back to it a year from now.
Bank of Canada (BoC) to start cutting its key policy rate from a 22-year high of 5.00% in April 2024
A median of market participants (27 People with crystal balls) expect inflation to drop to 2.2% by end-2024
The BoC has raised interest rates ten times between March 2022 and July 2023 to cool inflation, which the bank expects to slowly edge down to its 2% target by end-2025.
In new projections released last month, the central bank said it expects economic growth to remain muted until the end of 2024, before growth picks up again 2025.
The first 2, are gleaned from 27 market participants, and the last are statement from the Bank of Canada. All seems fluffy and nice, save for the thousands of people set to reset mortgages that are now paying 2.5-3%, and the rest who are just making ends meet, due to obscene rent, food and gas prices. If you work for a Bank, or Google, or Twitter, or Maybe GM, you might have cause for worry. I hope you have money saved, it could get a little rough before we magically arise from the ashes in 2025.
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