For long-term borrowers, Jerome Powell at the U.S. Federal Reserve had some good news and some bad news that could affect Canadians hoping to renew mortgages or extend other loans.
The good news is that the U.S. central bank is following the Bank of Canada’s lead and after 10 rate hikes in row, has decided to take a break and leave its benchmark rate at about 5.1 per cent.
But the bad news was that like Powell’s Canadian counterpart, Tiff Macklem, who paused rate hikes just to resume them, the Fed expects more increases this year, perhaps reaching 5.6 per cent. In the past, Powell had
