Module 9: Activity: Calculating Air Freight RatDebate 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