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Why Interest Rates Matter for Canadians

Interest rates are the single most powerful lever in Canada's economy.  When the Bank of Canada adjusts its policy rate, the effects reach every household—from the cost of carrying a mortgage to the return on a savings account. With rates currently at 2.25% and significant uncertainty ahead, understanding how rates work has never been more important for your finances. What Is the Bank of Canada's Policy Rate? The Bank of Canada sets the overnight policy rate—the interest rate at which major banks lend money to each other. This rate serves as a benchmark that influences borrowing and lending costs across the entire economy. When the Bank raises or lowers this rate, commercial banks adjust their prime rates accordingly, which directly affects the rates you pay on mortgages, lines of credit, and other loans. The Bank's primary goal is to keep inflation near its 2% target. When inflation runs too hot, the Bank raises rates to cool spending. When the economy slows, it cuts rates...

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Your daily horoscope: February 23, 2024

 

HOROSCOPES IF TODAY IS YOUR BIRTHDAY

Mind planet Mercury moves into your sign on your birthday, so you will be seriously switched on both at home and at work. Because you can see two steps ahead of everyone else nothing will take you by surprise – but you will do many surprising things yourself.

ARIES (March 21 - April 20):

The approaching full moon will bring both challenges and opportunities. On the work front, especially, you need to be alert for changes that can affect you either for the better or for the worse – which one it is will depend on how you choose to respond.

TAURUS (April 21 - May 21):

There have been so many stresses and strains in your life in recent weeks that it might be a good time to give yourself a break. You should at the very least be doing less on the work front. Focus on creative and artistic activities instead.

GEMINI (May 22 - June 21):

Your head seems to be full of needless fears at the moment, brought on no doubt by the looming full moon. The good news is that your anxieties will amount to nothing, or as close to nothing as can be ignored with no real danger to you.

CANCER (June 22 - July 23):

Think ahead to where you would like to be around the time of your birthday in the summer and then start making plans to get you there. You don’t have to rush, just make sure you know where you are going and then take the first step.

LEO (July 24 - Aug. 23):

You may be of the opinion that you are destined for bigger and better things but they won’t just come to you as if by magic. You are going to have to make a serious effort and maybe make some sacrifices too. Start making them today.

VIRGO (Aug. 24 - Sept. 23):

Tomorrow’s full moon in your sign will in some way or other turn your life on its head, but that need not be a bad thing. As your circumstances change you will notice openings that were always there but which you were previously unable to see.

LIBRA (Sept. 24 - Oct. 23):

Don’t listen to people who are always complaining that fate is unkind and that they never seem to get the breaks. That’s a really poor excuse for failure. Everyone has opportunities to get ahead in life and you have more than most at the moment.

SCORPIO (Oct. 24 - Nov. 22):

If what others are saying bores you don’t just switch off. Among all the tedious stuff there could be a nugget of astonishing information that you can take and use to your own advantage – but you may miss it if you’re not listening.

SAGITTARIUS (Nov. 23 - Dec. 21):

You know better than to take what certain people tell you at face value and that’s good because what you hear today and over the weekend may be intended to deceive. If your instincts tell you to be cautious you would be a fool not to listen.

CAPRICORN (Dec. 22 - Jan. 20):

You are as entitled to your opinion as anyone else but if your current opinion is based on claims you have not checked out for yourself you could end up looking silly. Worse, people in positions of power will no longer trust your judgment.

AQUARIUS (Jan. 21 - Feb. 19):

If you go out of your way to be nice to a colleague they will go out of their way to be nice to you. What is even better is that they may entrust you with information that can be used to make some serious money. A double win!

PISCES (Feb. 20 - Mar. 20):

Don’t worry if a friend or family member says something hurtful today because they don’t really mean it. The approaching full moon is making everyone a bit touchy at the moment, so let them have their say and then just let it go.

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