Montreal doctors' breakthrough discovery about causes of cerebral palsy giving hope
A breakthrough discovery made by doctors at the Montreal Children's Hospital about the causes of cerebral palsy is giving new hope to one West Island family.
The Bank of Canada raised its overnight rate by 25 basis points to 4.75 per cent on Wednesday, its first increase since pausing hikes in January. The central bank’s key interest rate has not been this high since April 2001.
Several factors led to the bank’s decision to raise the key interest rate, including economic growth in Canada. Gross Domestic Product exceeded expectations in the first quarter of this year, growing by 3.1 per cent.
The central bank says demand in the economy has rebounded, with surprisingly strong consumer spending. Housing market activity has picked up again and the Canadian labour market remains tight.
“Overall, excess demand in the economy looks to be more persistent than anticipated,” reads the release.
In April, inflation increased for the first time in 10 months to 4.4 per cent. The bank still expects inflation to decline to 3 per cent by this summer, but concerns remain that inflation could get stuck above the 2 per cent target.
“Goods price inflation increased, despite lower energy costs,” reads the statement. “Services price inflation remained elevated, reflecting strong demand and a tight labour market.”
Finance Minister Chrystia Freeland says Canada has made meaningful progress, with inflation dropping from its peak of 8.1 per cent last year to 4.4 per cent in April.
“The Bank of Canada has predicted that inflation will fall to 3 per cent this summer,” Freeland said to reporters in Ottawa on Wednesday. “We are very close to the end of this difficult time and to a return to low stable inflation and strong steady growth.”
The federal government has faced criticism from the opposition over its fiscal spending and Conservative Leader Pierre Poilievre is sounding the alarm on Canada’s household debt problem.
“This is on the verge of becoming a crisis and that is an overused term,” Poilievre said during a caucus speech to his party in Ottawa. “As these hundreds of billions of dollars of debt collide with massive increases in interest rates there will be a severe default crisis.”
Global inflation also remains high. Despite this, the economies of the United States and China are beginning to slow down and Europe’s economy has stalled.
The Organization for Economic Co-operation and Development (OECD) projects the global economy to grow moderately by 2.7 per cent in 2023 and global inflation to decline to 6.6 per cent this year, according to its economic outlook.
“Core inflation is proving sticky, on the back of strong service increases and higher profits in some sectors,” reads the OECD Economic Outlook. “Monetary Policy should remain restrictive until there are clear signs that underlying inflationary pressures are durably reduced.”
Going forward, the Bank of Canada’s Governing Council will focus mainly on inflation expectations, wage growth, corporate pricing and excess demand to ensure these factors are in line with the inflation target.
The next scheduled rate announcement is expected on July 12, 2023.
A breakthrough discovery made by doctors at the Montreal Children's Hospital about the causes of cerebral palsy is giving new hope to one West Island family.
Warnings of up to 60 millimetres of rain and other alerts have been issued for seven Canadian provinces and one territory ahead of the Easter weekend.
An Ontario man who built a garage on his property has been locked in a battle with his electricity provider for a year and half over a severed power line.
Austin Hunter Turner died in 2017, on a night that his mother has rewound and replayed again and again, trying to make sense of what happened.
Not getting enough sleep may cause you to feel five to 10 years older than you really are, according to two new studies.
The Upper Ottawa Valley Detachment of the Ontario Provincial Police says one person is facing multiple charges after a traffic complaint on Highway 17 in Head Clara Maria Township.
The Canada Revenue Agency announced Thursday it will not require 'bare trust' reporting from Canadians that it introduced for the 2024 tax season, just four days before the April 2 deadline.
The estate of minimalist contemporary artist Donald Judd filed a lawsuit against Kardashian this week, claiming the fashion and beauty mogul promoted 'cheap knockoffs' of his furniture designs.
The spring allergy season has started early in many parts of Canada, with high levels of pollen in some cities already. Experts weigh in on which areas have it worse so far this season.
It was a typical Tuesday for Mabel Beharrell, 84, until she got the call that would turn her world upside down. Her teenaged grandson was in trouble and needed her help.
A Toronto restaurant introduced a surprising new rule that reduced the cost of a meal and raised the salaries of staff.
B.C. conservation officers recently seized a nine-foot-long Burmese python from a home in Chilliwack.
A New Brunswicker will go to bed Thursday night much richer than he was Wednesday after collecting on a winning lottery ticket he let sit on his bedroom dresser for nearly a year.
The Ontario government is introducing changes to auto-insurance, but some experts say the move is ill-advised.
Newfoundland’s unique version of the Pine Marten has grown out of its threatened designation.
A Toronto man is out $12,000 after falling victim to a deepfake cryptocurrency scam that appeared to involve Prime Minister Justin Trudeau.
It started small with a little pop tab collection to simply raise some money for charity and help someone — but it didn’t take long for word to get out that 10-year-old Jace Weber from Mildmay, Ont. was quickly building up a large supply of aluminum pop tabs.
There’s a group of people in Saskatoon that proudly call themselves dumpster divers, and they’re turning the city’s trash into treasure.