This “report” lacks critical context:

Millennials and immigrants are bearing the brunt of the Bank of Canada’s aggressive interest-rate hikes. But baby boomers who own their homes outright aren’t likely to be feeling the pinch. A generational wealth gap is at the root of the contrasting experiences of these cohorts.

Source: Interest Rates: Bank of Canada Hikes Hitting Immigrants and Millennials Hard – Bloomberg Baby boomers had it pretty bad when they were young:

• Average inflation rate for 1980: 13.5% (Canada in 2023: 5.92%)
• Average mortgage rate for 1980: 11.5% (Canada in 2023: 6.35%)
• Average unemployment rate for 1980: 7.2% (Canada 4.9%)
• 1980 had the highest home price inflation in history.

The “baby boomers” were hit even worse when they were young – a critically important fact missed by this ace reporter. Terrible reporting. Additionally, the tone of the article is intended to be divisive, putting people in groups and then highlighting immigrants and millenials. This type of poor reporting is why I canceled my Bloomberg subscription yesterday. Bloomberg’s TV reporters are qualified and good, but their written reporters frequently lack relevant training (degrees in creative writing, acting, for example). Bloomberg has also become a fountain of activist reporting, working to persuade you rather than to inform you and let you think for yourself.