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

— 10 times starting in March 2022, when it was 0.25%, up to 5.0% in July 2023,

the highest rate since 2001, where it remains.

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