What the Bank of Canada’s rate hike means for consumers and businesses

Speaking to Global Calgary’s Joel Senick, Mark Parsons, chief economist at ATB Financial, expressed some surprise at the Bank of Canada’s rate hike, citing stronger-than-expected economic growth and rising consumer prices as the driving factors. While the bank remains committed to price stability, its future decisions will depend on data regarding the impact of rate increases on the economy, particularly in areas like Alberta.