BREAKING Police investigating shooting outside of Drake's Bridle Path mansion: source
Toronto police are investigating a shooting that took place outside of Drake’s Bridle Path mansion early Tuesday morning, a source tells CP24.
In the wake of the Bank of Canada’s unexpected rate hike, economists are pointing to further tightening in the near term.
On Wednesday, the Bank of Canada surprised the majority of experts by raising interest rates 25 basis points to 4.75 per cent, the bank’s first hike since January.
In a statement, Bank of Canada Governor Tiff Macklem said, “Excess demand in the economy looks to be more persistent than anticipated.”
Earl Davis, head of fixed income at BMO Global Asset Management, said Wednesday's rate hike is a signal that further hikes may not be far behind.
“When the Bank of Canada starts hiking, it's not just one hike, it is multiple hikes,” he told BNN Bloomberg. “So because they hike today, I do expect to see one, if not two, more coming down the line before they pause again.”
Davis had previously predicted rates would reach six per cent by the end of the year, but has since shifted that estimation to five or 5.50 per cent, though rates could reach six per cent in the U.S.
Davis added that Wednesday’s announcement comes down to “inflation expectations” going back up or stalling its decline.
“If they go again, which I anticipate they will is shooting into the crowd of inflation, because they need to drop the expectations part of it down now,” he said.
Davis isn’t alone in expecting further hikes on the way, Steven Ranson, president and CEO of Home Equity Bank, also expects more will come.
“There’s probably another 25 basis points coming maybe not in July, but possibly in September if inflation doesn’t come down, and it doesn’t seem like it is,” he said. “Getting down to that two per cent number is going to be challenging and it seems like we’re a long way from that.”
John Murray, a former deputy governor at the Bank of Canada and current senior fellow at the C.D. Howe Institute, said he predicts the central bank may increase interest rates two or three more times before the end of this year as it continues to target inflation – though what comes next is “all very uncertain.”
Murray suggested that the Bank of Canada could use other “active quantitative tightening” approaches besides interest rate hikes, such as selling off its bond inventory.
Ultimately, Murray told BNN Bloomberg that he believes the central bank will be able to bring inflation back to its two per cent target using monetary policy.
“I think central banks here and elsewhere are absolutely determined to achieve and sustain their target,” he said. “It's a question of how much tightening is needed and in what form.”
Meanwhile, Josh Nye, a senior economist at the Royal Bank of Canada, said in a statement to expect further hikes.
“Our expectation has been that if the BoC was coming off the sidelines, they would intend to hike more than once—if 4.50 per cent wasn’t restrictive enough it’s hard to think 4.75 per cent is,” he said.
Not everyone is convinced more hikes are coming, however.
“A lot will depend on the data, if we’re looking at July meeting, there’s several pieces of data that could influence that decision,” said David Doyle, head of economics at the Macquarie Group.
The next rate announcement is scheduled for July 12.
With files from Holly McKenzie-Sutter
Toronto police are investigating a shooting that took place outside of Drake’s Bridle Path mansion early Tuesday morning, a source tells CP24.
Sporting mullets, Canadian Armed Forces officer cadets placed second in an annual military skills competition in the U.S.
An Ontario man says he paid more than $7,700 for a luxury villa he found on a popular travel website -- but the listing was fake.
The Met Gala and its fashionista A-listers on Monday included Jennifer Lopez, Zendaya and a parade of others in a swirl of flora and fauna looks on a green-tinged carpet lined by live foliage.
The rumours are true: Vegetables aren't real — that is, in botany, anyway. While the term fruit is recognized botanically as anything that contains a seed or seeds, vegetable is actually a broad umbrella term.
Noelia Voigt, who was crowned Miss USA in November 2023, has announced she is resigning from her role, saying the decision is in the best interest of her mental health.
Sure, she was a royal princess and all. But there’s no way Sleeping Beauty — either before or after her nap — ever had quite the fabulous wardrobe that’s been assembled at the Metropolitan Museum of Art.
Donald Trump returns to the hush money trial Tuesday facing a threat of jail time for additional gag order violations as prosecutors gear up to summon big-name witnesses including porn actor Stormy Daniels.
Israeli tanks seized control of Gaza's vital Rafah border crossing on Tuesday as Israel brushed off urgent warnings from close allies and moved into the southern city even as cease-fire negotiations with Hamas remained on a knife's edge.
Whether passionate about Poirot or hungry for Holmes, Winnipeg mystery obsessives have had a local haunt for over 30 years in which to search out their latest page-turners.
Eighty-two-year-old Susan Neufeldt and 90-year-old Ulrich Richter are no spring chickens, but their love blossomed over the weekend with their wedding at Pine View Manor just outside of Rosthern.
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 mother goose and her goslings caused a bit of a traffic jam on a busy stretch of the Trans-Canada Highway near Vancouver Saturday.
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.