By Ian Bickis THE CANADIAN PRESS TORONTO- The heads of Canada’s biggest banks say rising interest rates are starting to have their intended effect of slowing demand but that for now they continue to notch growth. Speaking at an investment conference in Toronto on Wednesday, just as the Bank of Canada was announcing a three-quarters of a percentage point rate increase, RBC chief executive Dave McKay said that while commercial credit remains strong there are signs of weakness in some areas. “The bigger impact from these higher rates is it’s dislocated some demand in some markets. You’re seeing certainly mortgage markets react to the higher rates, and therefore you’re seeing slower growth in mortgage markets,” McKay said. The bank is also seeing a slowing in credit card purchases as people
The post Bank CEOs say higher rates starting to dampen growth despite economic buffers By Ian Bickis appeared first on The Turtle Island News.