Interest Rates Finally Rising Someplace: Canada (Missing Blog #9)

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interest rates: the price a borrower pays for the use of money they borrow from another lender
commodity prices: the price of commerce
rate hikes: a large increase in prices, wages, taxes, etc.
Group of Seven: an international organization officially established in 1985 to facilitate economic cooperation among the world's largest industrial nations

Canada became the first out of the Group of Seven to raise its interest rates, a sign towards an economic recovery, but stated that any other hikes are dependent upon the economies of other nations' economies. Canada increased its key interest rate from .25% to .50%, but its central bank officials stated economic recovery is still in a premature stage. With economic conditions differing for each nation, credit changes vary as well. So although Canada is recovering, the bank must weigh all the options and consequences of their fiscal choices.

I predict that Canada's economy will continue to slowly climb upward, despite the crisis in Europe. Foreign exports and economic ties with other nations hold an impact only to a certain extent, so Canada will not be deeply affected.