RBC CEO Dave McKay says Canada is headed for a slowdown as higher interest rates designed to curb inflation slow consumer spending. Read on
a quarter percentage point to 4.5 per cent on Jan. 25. Since March of 2022 the central bank has hiked eight times, adding 4.25 percentage points, to bring its benchmark rate to a 15-year high.
As the economy slows further, RBC expects the unemployment rate will climb from around five per cent to six or seven per cent.Article content “We do expect a modest recession, supported by still strong latent demand by the consumer but also this enormous liquidity that we have in the marketplace,” he told BNN.
“300-plus billion dollars of cash, sitting on balance sheets to absorb the shocks from higher rates, to absorb the shocks from any job loss that we do expect to see and therefore supportive of quick recovery.”
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