If you’ve been following the news lately, you’ve probably heard that the United States is on the verge of defaulting on its debt unless politicians agree to raise a debt ceiling limit. We all know what such situation would mean for the US - raising interest rates, slowing economic growth, increasing inflation and perhaps losing its AAA credit rating. But what would it mean for us? Many experts agree that bad economic news for the US could have a negative impact on Canada. After all, the Canadian economy is closely linked to that of its southern neighbour.
An increase in U.S. interest rates could really bring a commensurate increase in Canadian interest rates, as well. That could seriously affect debt burdens of Canadian households that have accumulated high levels of debt over the past several years.
Sounds scary, I know, but in comparison to the US, our economy seems to be less volatile. It is on solid footing because of our fiscal policies. Recently, Moody’s affirmed Canada´a AAA rating, citing a “high degree of economic resiliency, very high government financial strength and low susceptibility to risk.” I believe this makes the Canadian economy strong enough to be able to sail through any situation.
Despite waves of bad news, good things do exist. It looks like we are finally getting some well-deserved warm weather, and that only means one thing: it is time to trade fluorescent office lightning for some long weekend getaways. Hopefully you will be able to escape the city and head to the beach or spend a few days in a cottage away from from the hustle and bustle of everyday life. Leave all your stress behind and have a safe, enjoyable and prosperous summer! And don’t worry, I will keep you updated through my website should any important matter occur.
All the best!
276 Merton St., ON M4S 1A9 Toronto
Tel: (416)481-6137 | Fax: (416)480-2548
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