After the United States decided to raise the Federal Funds Rate by 0.75 bps last month, everyone waited patiently to see what the Bank of Canada would do. After months of persistently strong inflation data, in a surprise effort to combat it, the Bank of Canada decided to raise rates by a full percentage point for the first time since 1998. While the full percentage increase was not the expectation, it did not come as a full surprise. What does this mean for me though? Accessible money that we have become accustomed to in the last two years is evaporating and the chances of a recession is only increasing. In times like these, due to the rapidly changing environment, it is important to refer back to your customized financial plan with your Wealth Advisor to get through these challenging times. If you do not have a financial plan or would like to discuss your financial situation, please let us know.

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