Grandparents killed in wrong-way crash on Hwy. 401 identified
A 60-year-old man and a 55-year-old woman killed in a wrong-way crash on Highway 401 earlier this week have been identified by the Consulate General of India in Toronto.
The Bank of Canada has hiked its key overnight interest rate by 50 basis points to 1.5% and will also continue quantitative tightening. The rate hike comes as the Bank believes that inflation will likely move higher in the near term before beginning to ease.
The Bank says it will continue to increase interest rates to combat inflation and they are “prepared to act more forcefully if needed to meet its commitment to achieve the 2% inflation target.”
With 70% of categories in the Consumer Price Index, a key measure of inflation, sitting above 3%, the Bank believes “the risk of elevated inflation becoming entrenched has risen.” In April, the CPI reached 6.8%, the highest level in 31 years.
The Bank notes high inflation is also coming as the global economy is starting to slow down due to the war in Ukraine, China’s COVID lockdowns and continued supply disruptions. The war in Ukraine in particular has put pressure on energy and agricultural commodities, which the Bank believes will specifically impact the European economy negatively.
Despite the gloomy global outlook, the Bank says the Canadian economy is “clearly operating in excess demand” right now. They point to GDP growth of 3.1% in the first quarter of 2022, wide-spread labour shortages and wage growth as proof of strong market activity. The Bank also expects growth in the second quarter of 2022 to also be “solid.”
One aspect of the Canadian economy that is starting to show signs of cooling is the housing market, which the Bank believes is moderating from “exceptionally high levels.”
The Bank also plans to continue its quantitative tightening policy, by selling Government of Canada bonds it purchased throughout the pandemic. The Bank’s balance sheet peaked in December 2021, with $435 billion worth of bonds on the books but it has decreased to $417 billion at the end of April 2022. Prior to the pandemic, the Bank owned $80 billion worth of bonds in March 2020.
Despite planning on reducing the number of bonds it owns, the Bank views Interest rate hikes are viewed by the Bank as it’s “primary monetary policy tool, with quantitative tightening acting as a complimentary tool.”
The next rate announcement is scheduled for July 13th.
A 60-year-old man and a 55-year-old woman killed in a wrong-way crash on Highway 401 earlier this week have been identified by the Consulate General of India in Toronto.
Three people have been arrested and charged in the killing of B.C. Sikh activist Hardeep Singh Nijjar – as authorities continue investigating potential connections to the Indian government.
Pius Suter scored with 1:39 left and the Vancouver Canucks advanced to the second round of the NHL playoffs with a 1-0 victory over the Nashville Predators on Friday night in Game 6.
TD Bank Group could be hit with more severe penalties than previously expected, says a banking analyst after a report that the investigation it faces in the U.S. is tied to laundering illicit fentanyl profits.
A Quebec man who pleaded guilty to threatening Prime Minister Justin Trudeau and Premier François Legault has been sentenced to 20 months in jail.
RCMP say human remains found in a rural area in central Saskatchewan may have been there for a decade or more.
A source close to singer Britney Spears tells CNN that the pop star is 'home and safe' after she had a 'major fight' with her boyfriend on Wednesday night at the Chateau Marmont in West Hollywood.
As Wegovy becomes available to Canadians starting Monday, a medical expert is cautioning patients wanting to use the drug to lose weight that no medication is a ''magic bullet,' and the new medication is meant particularly for people who meet certain criteria related to obesity and weight.
Drew Carey took over as host of 'The Price Is Right' and hopes he’s there for life. 'I'm not going anywhere,' he told 'Entertainment Tonight' of the job he took over from longtime host Bob Barker in 2007.
Alberta Ballet's double-bill production of 'Der Wolf' and 'The Rite of Spring' marks not only its final show of the season, but the last production for twin sisters Alexandra and Jennifer Gibson.
A British Columbia mayor has been censured by city council – stripping him of his travel and lobbying budgets and removing him from city committees – for allegedly distributing a book that questions the history of Indigenous residential schools in Canada.
Three men in Quebec from the same family have fathered more than 600 children.
A group of SaskPower workers recently received special recognition at the legislature – for their efforts in repairing one of Saskatchewan's largest power plants after it was knocked offline for months following a serious flood last summer.
A police officer on Montreal's South Shore anonymously donated a kidney that wound up drastically changing the life of a schoolteacher living on dialysis.
Since 1932, Montreal's Henri Henri has been filled to the brim with every possible kind of hat, from newsboy caps to feathered fedoras.
Police in Oak Bay, B.C., had to close a stretch of road Sunday to help an elephant seal named Emerson get safely back into the water.
Out of more than 9,000 entries from over 2,000 breweries in 50 countries, a handful of B.C. brews landed on the podium at the World Beer Cup this week.
Raneem, 10, lives with a neurological condition and liver disease and needs Cholbam, a medication, for a longer and healthier life.