Bank of Canada senior deputy governor Carolyn Rogers warns that interest rates may not return to pre-pandemic levels due to structural changes in the global economy, higher government debt, and geopolitical risks. Canadians are already experiencing higher rates, leading to reduced spending and slower credit growth. Rogers advises adjusting early and gradually to minimize the risk of destabilization. The effects of previous rate hikes are still impacting the economy, and further adjustments are expected.
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