As the summer months bring temperatures soaring, one thing that’s been moving in the opposite direction has been inflation. After massive government spending to fight COVID all around the world spiked inflation to double digits, central banks have been desperately spiking interest rates to bring inflation back down. The theory was that by increasing the cost of money, the amount of spending in the economy would go down, resulting in less demand and therefore lower prices. In practice, this meant repeatedly taking a baseball bat to anyone holding a variable (or in Canada’s case, even fixed-rate) mortgage, spiking their monthly […]
The post Canada’s Inflation Hits Target, US Close Behind appeared first on Millennial Revolution.