Furey urges Bank of Canada to explore alternatives to interest rate hikes in public letter

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Newfoundland and Labrador premier Andrew Furey sent a second public letter to Bank of Canada governor Tiff Macklem urging the bank to explore alternatives to interest rate hikes.

Furey wrote that rate increases over the past number of months have contributed to challenging economic conditions and the negative repercussions for Newfoundlanders and Labradorians struggling to make ends meet. He wrote that any further rise in interest rates will only add to growing pressures and detrimental consequences for homeowners with mortgages, people trying to buy a home, and those looking to rent.

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