Freeland to deliver keynote address on the Canadian economy in Toronto

TORONTO — Finance Minister Chrystia Freeland is scheduled to deliver a keynote address on the Canadian economy in downtown Toronto this afternoon.

TORONTO — Finance Minister Chrystia Freeland is scheduled to deliver a keynote address on the Canadian economy in downtown Toronto this afternoon.

Freeland’s speech comes as Canadians have been feeling the effects of stubbornly high inflation as well as rising interest rates.

Last month, Statistics Canada reported that April’s inflation rate increased 6.8 percent compared to a year earlier. That is the highest since January 1991.

The federal agency is expected to release the May inflation report next week.

The US Federal Reserve raised its key interest rate by three-quarters of a percentage point on Wednesday, its biggest increase since 1994, leading economists to predict the Bank of Canada will do the same next month.

Canada’s central bank raised its benchmark rate by half a percentage point twice in recent months, taking it to 1.5 percent in June, and Governor Tiff Macklem has hinted he is prepared to act “more forcefully” if the crisis persists. high inflation.

Freeland’s speech will take place at the Empire Club of Canada.

This report from The Canadian Press was first published on June 16, 2022.

the canadian press

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