Jeff Harrison, the chair of Grain Farmers of Ontario, says the carbon tax rebate only covers 15 per cent of extra costs from the carbon tax — a heavy burden for an industry already straining under challenges.
OTTAWA (Reuters) -The Bank of Canada is getting closer to being able to start cutting interest rates from their current 23-year highs, Governor Tiff Macklem said on Wednesday. In testimony to the Senate banking committee, Macklem said inflation was coming down and Canadians wanted to know when the central bank would start cutting interest rates. Canada's annual inflation rate was 2.9% in March, a little higher than the previous month.
WASHINGTON (AP) — The Federal Reserve on Wednesday emphasized that inflation has remained stubbornly high in recent months and said it doesn’t plan to cut interest rates until it has “greater confidence” that price increases are slowing sustainably to its 2% target. The Fed issued its decision in a statement after its latest meeting, at which it kept its key rate at a two-decade high of roughly 5.3%. Several hotter-than-expected reports on prices and economic growth have recently undercut the Fe
OTTAWA — The Canadian economy lost momentum after a roaring start to the year, reinforcing economists' expectations that the Bank of Canada is on track to cut interest rates in the coming months. Statistics Canada reported Tuesday that real gross domestic product rose 0.2 per cent in February. That followed a 0.5 per cent gain in January. "Today’s GDP report confirmed our expectations that the January surge in output was temporary, and in no way marked an inflection point for the growth backdrop
OTTAWA — Bank of Canada governor Tiff Macklem says he doesn't think the federal budget tabled last month with have much of an effect on inflation. Macklem was testifying at a Senate committee alongside senior deputy governor Carolyn Rogers following the central bank's latest interest rate announcement. The governor says the spending plan hasn't changed the federal government's fiscal track by much. Macklem says that's why he doesn't expect it to have a significant impact on economic growth or in
Fox NewsFox Business Network host and former Trump White House economic adviser Larry Kudlow asserted Tuesday that President Joe Biden’s “woke” tax policies are part of “racial warfare against white folks,” while also adding to right-wing criticisms of Democrats for pushing “DEI” initiatives.On his self-titled afternoon show, Kudlow reacted to the ongoing pro-Palestinian protests on college campuses like Columbia by claiming that the Biden administration has inserted “woke DEI policy” into “virt
The governor in May will present his revised budget with a new projected deficit.
As the national debt has risen to more than $34 trillion and counting, Washington remains deeply divided on what to do about it. Congress suspended the debt ceiling last year, which limits how much the Treasury can owe to cover the government’s bills, but not without months of nasty partisan fighting between both chambers over…
HONG KONG (AP) — Asian markets wobbled in early Thursday trading after U.S. stocks swung to a mixed finish with the Federal Reserve delaying cuts to interest rates. U.S. futures surged and oil prices were higher. Tokyo’s Nikkei 225 index opened with a decline, then climbed 0.1% to 38,299.71. The Japanese yen surged as much as 2% in early Asia hours Thursday, driven by speculations of another round of yen-buying intervention by Japanese authorities and a weaker U.S. dollar following the Fed meeti
Still-elevated inflation and a job market that won't quit mean predictions for interest rate cuts in June are being pushed back.
The Fed is expected to keep interest rates at a 23-year high Wednesday, but investors will be listening for any signs of how long they will have to wait before cuts can begin.
WASHINGTON (Reuters) -The U.S. Federal Reserve held interest rates steady on Wednesday and signaled it is still leaning towards eventual reductions in borrowing costs, but put a red flag on recent disappointing inflation readings that could make those rate cuts a while in coming. Indeed, Fed Chair Jerome Powell said that after starting 2024 with three months of faster-than-expected price increases, it "will take longer than previously expected" for policymakers to become comfortable that inflation will resume the decline towards 2% that had cheered them through much of last year. That steady progress has stalled for now, and while Powell said rate increases remained unlikely, he set the stage for a potentially extended hold of the benchmark policy rate in the 5.25%-5.50% range that has been in place since July.
Portugal swung to an unexpected budget deficit of 259 million euros ($276 million) in the first quarter from a surplus of 5.1 billion euros a year ago, the finance ministry said, blaming the previous government for last minute measures that worsened accounts. Portugal had a surplus of 1.2 billion euros in January, which was reduced to 785 million euros at the end of February, but has not had a budget deficit since the end of 2022. A coalition led by the centre-right Social Democratic Party won the March 10 general election, beating the Socialist Party by a slim margin.
(Bloomberg) -- China’s ruling Communist Party vowed to explore new measures to tackle a protracted housing crisis, which remains the biggest drag on the nation’s economy, and hinted at possible rate cuts ahead.Most Read from BloombergHSBC CEO Quinn Unexpectedly Steps Down After Almost 5 YearsTesla Soars on Tentative China Approval for Driving SystemStocks Trade for 390 Minutes a Day. Increasingly, Only 10 MatterBinance and CZ’s Fortunes Are Set to Grow, Jail or no JailCocoa Plunges Most Ever Wit
If you want a sense of how the province has left small town Ontario in the lurch, Tweed Mayor Don DeGenova suggests taking a look at the bridge on Lost Channel Road.The piers of the crossing are cracked and eroded. Great chunks are missing from its sides and there's a hole punched completely through the concrete, offering a view of the rapids below.The bridge is so dilapidated the municipality's manager of public works said its most recent inspection rated it 19 out of a possible 100, considered
A rare United Arab Emirates-Iran joint economic commission will convene in Abu Dhabi from Tuesday to Wednesday, the Iranian Labour News Agency reported, as Tehran seeks to bolster economic ties with Gulf states amid mounting U.S. pressure. This is the first meeting in 10 years for the bilateral joint economic cooperation commission, with Iranian Minister of Roads and Urban Development Mehdi Bazrpash and Emirati Minister of Economy Abdulla Bin Touq Al Marri in attendance. The UAE downgraded its diplomatic ties with Iran after Riyadh severed its ties with Tehran in 2016 following the storming of the Saudi embassy in the Islamic Republic by hardline protesters over Riyadh's execution of a prominent Shi'ite cleric.
Republicans are fast-tracking legislation to make sure that everyone who applied for a private school voucher this year gets one.
Canada's economy likely weakened in the first quarter, data from Statistics Canada showed on Tuesday, bolstering expectations that the Canadian central bank would have more reason to cut interest rates in June. Canada's gross domestic product (GDP) rose 0.2% in February, less than analysts' estimates, while growth in March likely remained muted, Statistics Canada said. The economic slowdown combined with cooling inflation could add to the evidence the Bank of Canada (BoC) is looking for to start lowering its key interest rate from nearly a 23-year high of 5%.
(Bloomberg) -- The Federal Reserve signaled fresh concerns about inflation while indicating it was likely to keep borrowing costs elevated for longer rather than raising them again.Most Read from BloombergUS and Saudis Near Defense Pact Meant to Reshape Middle EastTesla Axes Supercharger Team in Blow to Broader EV MarketJerome Powell Offered Markets a Reprieve. It Vanished in a BlinkNYPD Arrests Over 300 Protesters in Crackdown on College CampusesThe Ozempic Effect: How a Weight Loss Wonder Drug
China will step up support for the economy with prudent monetary and proactive fiscal policies, including interest rates and bank reserve requirement ratios (RRR), the Politburo of the Communist Party was quoted by state media as saying on Tuesday. The comments by the Politburo were largely in line with expectations, including modest stimulus steps and some support for the property sector with a focus on dealing with housing inventories. "The sustained recovery and improvement of the economy still face many challenges," the Politburo said, according to Xinhua news agency, after a meeting chaired by President Xi Jinping.
(Bloomberg) -- The Federal Reserve said it will shrink its balance sheet at a slower place beginning in June, reducing the amount of Treasuries it lets roll off every month, a step meant in part to ease potential strain on money-market rates. Most Read from BloombergUS and Saudis Near Defense Pact Meant to Reshape Middle EastTesla Axes Supercharger Team in Blow to Broader EV MarketJerome Powell Offered Markets a Reprieve. It Vanished in a BlinkNYPD Arrests Over 300 Protesters in Crackdown on Col
