11.81°C Vancouver
Ads

Jul 22, 2024 4:59 PM - The Canadian Press

Interest rate cut possible this week: Economists

Share On
interest-rate-cut-possible-this-week-economists
The mother of a boy who died a year ago in a Nova Scotia flood says her grief returns daily, along with frustration over what she considers the province's slow pace in reforming its preparations for climate disasters.(Image: The Canadian Press)

Here is a roundup of stories from The Canadian Press designed to bring you up to speed...

Interest rate cut possible this week: Economists

Economists and market watchers are betting the Bank of Canada will deliver another interest rate cut this week amid mounting evidence that inflation is sustainably easing.

Expectations that the bank will lower its overnight lending rate when it makes its scheduled announcement Wednesday have been high since last week's release of the latest Statistics Canada inflation report, which showed annual inflation cooled to 2.7 per cent in June.

The inflation reading was less than the 2.8 per cent that markets had been expecting and has helped to build market confidence that the Bank of Canada may be poised for a second rate cut, on top of the 25-basis-point cut it announced last month.

Last month's interest rate cut, which reduced the central bank's key rate from five to 4.75 per cent, was the first in more than four years.

Royce Mendes with Desjardins says in addition to the latest inflation report, recent data showing rising unemployment as well as subdued expectations for growth by Canadian businesses all support the prospect of another cut.

While inflation remains higher than the Bank of Canada's two per cent target, Mendes said he believes delaying any longer could have negative repercussions.

Here's what else we're watching...

LCBO workers back on the job after ratifying deal

Workers are back on the job today at Ontario's main liquor retailer, but the Liquor Control Board of Ontario says stores won't be open for business until Tuesday.

The union representing 10,000 of its workers announced Sunday members had ratified a new deal with the liquor retailer to end a strike that had closed its stores for two weeks.

The ratification came after the deal seemed to be up in the air on Friday.

Both OPSEU and the LCBO had announced a tentative agreement had been reached but the union said the strike would continue after the employer refused to sign a return-to-work protocol.

The retailer said the union had introduced new monetary demands and the employer would file an unfair labour practice complaint.

But the LCBO issued a statement on Saturday saying reopening plans were back underway, and a return-to-work protocol signed by both parties does not include any "new monetary items."

A look at one year of strong mayor powers

In the year since so-called strong mayor powers were granted to the heads of council in a swath of Ontario municipalities, most mayors have used them sparingly — if at all — though in some corners a sense of unease with the sweeping authority remains.

As of this month, nearly 30 mayors have had the ability for a year or more to propose bylaws and pass them with the support of one-third of councillors, veto bylaws and hire and fire department heads, among other powers.

Premier Doug Ford's government later doled out the powers to many more mayors, even when they were not interested in receiving them, and Ontario now has a total of 46 strong mayors.

Many of them are in the province's largest cities, and the chair of the Ontario Big City Mayors group said by and large the mayors have "exercised enormous restraint and responsibility" in exercising the powers.

Year after flood took four lives, reforms are slow

The mother of a boy who died a year ago in a Nova Scotia flood says her grief returns daily, along with frustration over what she considers the province's slow pace in reforming its preparations for climate disasters.

Tera Sisco's six-year-old son Colton Sisco died after the vehicle he was in overturned during torrential thunderstorms on July 22, 2023. About 258 millimetres of rain to the municipality of West Hants — a rural area northwest of Halifax — fell during the overnight flash flood.

Natalie Harnish, six, died in the same vehicle as Sisco, while 52-year-old Nick Holland and 14-year-old Terri-Lynn Keddy were swept away from a vehicle on the same road and also died.

The tragedy has drawn repeated calls for the Progressive Conservative government to improve the province's emergency alert system, as severe weather events are hitting the province with disturbing regularity.

A recent review released by the municipality of West Hants said two hours and 41 minutes passed between the first rescue responses and the province sending an alert urging citizens to "shelter in place." Blair Feltmate, director of the Intact Centre on Climate Adaptation at the University of Waterloo has called that "far too long a delay.”

Elation in Newfoundland town for rescued fishers

There was a powerful word being repeated in the joyful Newfoundland community of New-Wes-Valley on Sunday: "Miracle."

Over and over, residents out walking or chatting to one another in local stores described the rescue of seven fishermen from the area who had somehow survived two days in a life-raft on the Atlantic ocean as nothing short of miraculous.

The Elite Navigator fishing boat and its crew seemed to vanish on Wednesday night after several days at sea fishing for turbot. The craft was reported missing on Thursday after transmitting its final signal at around 8:30 p.m. the night before, the Canadian Coast Guard said. The vessel had caught fire, forcing the crew to abandon the ship and wait for rescue on the life-raft.

In New-Wes-Valley, which is an amalgamation of three small fishing communities along Newfoundland's northeast coast, people braced for the worst. Fishing is among Canada's deadliest professions, and tragedy is a common thread linking coastal communities across Atlantic Canada.

Latest news

delays-at-vancouver-international-airport-continue-for-third-day-on-wednesday
CanadaApr 16, 2025

Delays at Vancouver International Airport Continue for Third Day on Wednesday

Delays at Vancouver International Airport, ongoing for the past two days, continue on Wednesday. Both inbound and outbound flights are affected by a shortage of NAV Canada resources, including flight controllers, a situation that began at 3 p.m. on Monday. A spokesperson for Vancouver Airport said that air travel in the region, including at YVR, will continue to be disrupted due to a staffing shortage at the air navigation service provider, NAV Canada. NAV Canada has not provided a timeline for when the issue will be resolved. In the meantime, passengers are advised to prepare for potential c
bank-of-canada-presents-two-economic-scenarios-amid-trade-war-uncertainty
CanadaApr 16, 2025

Bank of Canada Presents Two Economic Scenarios Amid Trade War Uncertainty

The Bank of Canada has presented two possible scenarios instead of precise economic forecasts for the first time since COVID, one of which predicts a deep recession and a possible increase in inflation in Canada. The Bank of Canada has presented two possible scenarios instead of precise economic forecasts for the first time since COVID, one of which predicts a deep recession and a possible increase in inflation in Canada. The bank’s first scenario assumes that if tariffs are withdrawn through negotiations, the economy will only stagnate in the second quarter, after which it will gradually g
canadas-7-billion-pharmaceutical-exports-to-u-s-at-risk-amid-tariff-threat
CanadaApr 16, 2025

Canada’s $7-Billion Pharmaceutical Exports to U.S. at Risk Amid Tariff Threat

Nearly $7 billion in Canadian pharmaceutical exports to the United States could soon be hit by new tariffs, as the White House launches an investigation into the entire pharmaceutical supply chain. The move places Canadian pharmaceutical products at risk of being included in a sweeping round of trade measures. Pharmaceuticals, along with automobiles and electronics, are among the top U.S. imports now facing potential tariffs. US President Donald Trump recently signaled aggressive action, stating that tariffs on pharmaceuticals will reach levels "you've never seen before." In addition to pharm
former-minister-sadhu-singh-dharamsot-released-on-bail
IndiaApr 16, 2025

Former Minister Sadhu Singh Dharamsot Released on Bail

Former Punjab Congress Cabinet Minister Sadhu Singh Dharamsot has been released from Nabha Jail after being granted bail by the Supreme Court in a disproportionate assets case. Although the bail was approved yesterday, his release was delayed due to technical reasons. Dharamsot had been in custody for nearly 14 months. He was arrested by the Enforcement Directorate (ED) over allegations of amassing wealth disproportionate to his known sources of income. According to the ED, during his tenure as Punjab’s Forest Minister from March 2016 to March 2022, Dharamsot declared an income of ₹2.37 c
central-government-must-act-swiftly-on-rajoana-and-other-sikh-prisoners-advocate-dhami
IndiaApr 16, 2025

Central Government Must Act Swiftly on Rajoana and Other Sikh Prisoners: Advocate Dhami

The Shiromani Gurdwara Parbandhak Committee (SGPC) has urged the Supreme Court to direct the Central Government to make an early decision on the petition seeking commutation of Bhai Balwant Singh Rajoana’s death sentence. SGPC President Advocate Harjinder Singh Dhami stated that the Committee will once again write to both the Supreme Court and the Prime Minister's Office, requesting the release of Bhai Rajoana and Bhai Jagtar Singh Hawara. Dhami recalled that Prime Minister Narendra Modi had promised relief for imprisoned Sikhs during the 550th Gurpurab celebrations of Sri Guru Nanak Dev Ji
ADS
Ads

Related News

ADS
Ads