Making sense of the markets this week: March 20 Mar 19th

Canada has several major banks and many schedule II banks – but with rates and plans all over the map, it’s difficult to know where to bring your business. Our aim is to help you navigate Canada’s banking options to discover which one suits your needs best.

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Making sense of the markets this week: March 20

– moneysense.ca

Each week, Cut the Crap Investing founder Dale Roberts shares financial headlines and offers context for Canadian investors.

The Fed moves, just a scooch

On Wednesday of this week, Federal Reserve chairman Jerome Power made the move on rates. The Federal Open Market Committee raised U.S. overnight interest rates by 0.25% to 0.50%, its first rate hike since December 2018.

Source: S&P Global

Central bankers embarked on what may turn out to be a lengthy and difficult challenge to wrestle inflation to the ground. Earlier this month, the Bank of Canada also increased the overnight rate from 0.25% to 0.5%.

Financial analysts expect both central banks to raise borrowing costs several times this year and next. The Fed board is predicting six rate hikes in the U.S. in 2022. If each rate hike is 0.25% that would put the overnight rate at 2.25%. There is the possibility of a 0.5% rate hike thrown into the mix.

Here is the “everything you need to know” about rate hikes history…

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Getting a favourable bank account in Canada can be tricky – let us help! Visit our Canadian Banks page for the latest rates and articles.

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