More than 115 cases of eye damage reported in Ontario after solar eclipse
More than 115 people who viewed the solar eclipse in Ontario earlier this month experienced eye damage after the event, according to eye doctors in the province.
In a first for the Bank of Canada, it has released a summary of deliberations by its governing council regarding its policy decision to raise its key interest rate target by a quarter of a percentage point to 4.5 per cent in January.
The bank's governing council -- made up of governor Tiff Macklem, senior deputy governor Carolyn Rogers and three deputy governors -- met several times in the week before the rate decision was announced Jan. 25.
Here are five key takeaways from those discussions:
The Bank of Canada's governing council discussed two options: whether to leave its policy rate unchanged or to increase it by a quarter of a percentage point. The case for raising the rate was based on the fact that developments in the economy since the previous decision on Dec. 7 had been quite strong, as well as risks that inflation could get stuck somewhere above two per cent.
The meetings included discussion about whether the central bank should maintain similar language as its previous policy statement, or signal a pause in rate hikes. The Bank of Canada decided on new language that signalled a pause while it assessed the affect of its rate hikes on the economy and inflation.
The Bank of Canada says there was concern that the effects of tighter monetary policy could be larger than expected when it comes to the housing market. It said this could arise if the drop in home prices was to accelerate.
At the same time, the governing council recognized that continued strong immigration and household formation would provide underlying support for the housing market. Expectations of future monetary policy easing could also spur buyers to re-enter the market.
The governing council discussed that while several factors were combining to bring inflation down there was a risk of it becoming stuck materially above its two per cent target. It noted persistent supply chain challenges, services price inflation, wage growth and inflation expectations could all keep inflation above the target. It noted a rebound in oil prices could also push inflation back up again.
The governing council members expect the euro area will move into a mild recession, despite its surprising resilience. Risks related to the war in Ukraine continued to create uncertainty and higher interest rates were weighing on growth. The council also noted that oil prices could go higher because of China's reopening. It noted that if Chinese demand were to rebound by more than anticipated, oil prices could rise and put fresh pressure on inflation.
This report by The Canadian Press was first published Feb. 8, 2023.
More than 115 people who viewed the solar eclipse in Ontario earlier this month experienced eye damage after the event, according to eye doctors in the province.
The B.C. NDP has asked the federal government to recriminalize public drug use, marking a major shift in the province's approach to addressing the deadly overdose crisis.
George Mallory is renowned for being one of the first British mountaineers to attempt to scale the dizzying heights of Mount Everest during the 1920s. Nearly a century later, newly digitized letters shed light on Mallory’s hopes and fears about ascending Everest.
An orca whale calf that has been stranded in a B.C. lagoon for weeks after her pregnant mother died swam out on her own early Friday morning.
Sophie Gregoire Trudeau says there is 'still so much love' between her and Prime Minister Justin Trudeau, as they navigate their post-separation relationship co-parenting their three children.
An Ontario man who took out a loan to pay for auto repairs said his car was repossessed after he missed two payments.
Devastating tornadoes tore across parts of eastern Nebraska and northeast Texas Friday as a multi-day severe thunderstorm event ramped up in the central United States, injuring at least three people.
A Sherwood Park family says their new house is uninhabitable. The McNaughton's say they were forced to leave the house after living there for only a week because contaminants inside made it difficult to breathe.
Donald Trump's defence team attacked the credibility Friday of the prosecution's first witness in his hush money case, seeking to discredit testimony detailing a scheme between Trump and a tabloid to bury negative stories to protect the Republican's 2016 presidential campaign.
Mounties in Nanaimo, B.C., say two late-night revellers are lucky their allegedly drunken antics weren't reported to police after security cameras captured the men trying to steal a heavy sign from a downtown business.
A property tax bill is perplexing a small townhouse community in Fergus, Ont.
When identical twin sisters Kim and Michelle Krezonoski were invited to compete against some of the world’s most elite female runners at last week’s Boston Marathon, they were in disbelief.
The giant stone statues guarding the Lions Gate Bridge have been dressed in custom Vancouver Canucks jerseys as the NHL playoffs get underway.
A local Oilers fan is hoping to see his team cut through the postseason, so he can cut his hair.
A family from Laval, Que. is looking for answers... and their father's body. He died on vacation in Cuba and authorities sent someone else's body back to Canada.
A former educational assistant is calling attention to the rising violence in Alberta's classrooms.
The federal government says its plan to increase taxes on capital gains is aimed at wealthy Canadians to achieve “tax fairness.”
At 6'8" and 350 pounds, there is nothing typical about UBC offensive lineman Giovanni Manu, who was born in Tonga and went to high school in Pitt Meadows.