June 1, 2022

On Wednesday the Bank of Canada hiked its interest rate 0.50% to 1.50% and the big banks immediately raised their prime rates by the same amount to 3.7%.

The S&P 500 was down 0.75% while Toronto was only down 0.1%

WSP Global was up 5.0% on news it was making a large acquisition.

In their latest quarter ended April 30, the big banks reported a huge surge in corporate borrowing. Possibly the rate hikes will curb that enthusiasm.

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