The Bank of Canada says business and consumer sentiment remained subdued during the second quarter of the year even as the country saw its first interest rate cut in years.
The central bank’s survey of consumers released Monday shows financial stress remained high over the spring and Canadians’ outlook for the future economy was “pessimistic.”
Those views pushed many to reduce spending, pay off debt, move savings to accounts with higher interest rates and look to boost household income, the bank said.
“One thing we’ve repeated often as rates began to rise and mortgages began to reset higher was that Canadians will pay their mortgage first, but likely cut
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