The Bank of Canada's first interest rate hike in seven years has many implications, but Canadians are likely focusing on what it means for their mortgages and other borrowing. Almost two years into the government's mandate, the first interest rate increase in seven years is a sign things are finally turning around. "This is good news for Canada," said Stephen Poloz, governor of the Bank of Canada, in a news conference Wednesday. I know not everyone will think a higher interest rate is good news, but it is a symptom of an improving economy. Bank of Canada governor Stephen Poloz says the Trudeau government's Canada child benefit has boosted consumer spending.

Source: CBC News July 12, 2017 23:26 UTC