In her first budget in April 2021, Freeland justified the massive spending
and deficits it contained to help Canadians cope with the COVID-19 pandemic
because, she said, “in today’s low-interest environment, not only can we
afford these investments in Canada’s future, it would be short-sighted of us
not to make them.” To control it, the Bank of Canada hiked its key interest rate
— increasing interest rates on mortgages and other consumer and business loans
the highest rate since 2001, where it remains.
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