Debate Topic and Format Eco 302 section 001 Fall 2023 In the session on Dec 5,2023 the entire class will be in a debate by all teams on the topic: The central bank in the USA, The Federal Reserve Board (The Fed) , in Canada ( the Bank of Canada , the BOC), "paused" the bank rates to commercial banks. The Fed rate in September 2023 was set at 5.4% benchmark rate. The BOC bank rate was paused at 5.25% yoy. Both central banks kept the door open for future bank rate increases. The fear is that high bank rates will lead each country into a recession. The US GDP growth rate was 4.4% yoy in September 2023. The Canada growth rate was 0.9% yoyalmost flat. Some economists see Canada already in a recession. The debate question is: The question is: Are the Fed and the BOC right in pausing their bank rates ? Central bank rates are high ( the Fed rate is at a 22 year high). The inflation rates (CPI) in both countries have decreased significantly (you can look it up!) Commercial banks in both countries use the bank rate to set interest rates on long-term borrowing