WEALTH Matters — SUMMER 2010


Canadian GIC rates continued to rise slowly in the second quarter for all terms. The chart shows rates for 1 to 5 year terms at various times over the past two years.


The Bank of Canada raised its benchmark rate by one-quarter percent in the second quarter, and has signalled that it will make a further increase in the third quarter. Central banks in Australia and several other countries whose economies are showing signs of strength have also made increases.

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Such increases signal to the borrowing public that they should be cautious about taking on too much debt, which may become difficult to carry as interest rates move back toward more typical levels. The government must balance this with the risk of choking off economic recovery by increasing rates too quickly, and the risk of boosting the value of the Canadian Dollar too quickly, which would make our exports less competitive. The Dollar has lost some ground in the quarter against the US dollar, and employment growth has been steady, setting the stage for the third-quarter rate increase to go ahead.

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