Interest rates are rising again. The last hike cycle offers clues on what lies ahead

The Globe and Mail · Bryce Leung · 2026-11-05 16:17 UTC

There are strategies to protect your money when the Bank of Canada hikes rates

Last week, the Bank of Canada hiked its benchmark interest rate for the first time in three years, from 2.25 per cent to 2.5 per cent, raising the collective blood pressure of Canadians.

We’ve seen this cycle before. In 2022, central banks began hiking interest rates to combat surging inflation caused by the pandemic and later the war in Ukraine. Younger generations were caught off guard, having never seen interest rates rise this quickly before.

Today, once again, inflation is running too hot, but this time it’s caused by U.S. tariffs and the war in Iran.

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