IN PHOTOS Northern lights dance across the night sky in southern Ont.
From London, to Mildmay, Collingwood and St. Thomas, here are some highlights of Friday night and Saturday morning's northern lights display.
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.
From London, to Mildmay, Collingwood and St. Thomas, here are some highlights of Friday night and Saturday morning's northern lights display.
A cyclist turned herself in and received a fine after striking a four-year-old girl who was crossing the street to catch a school bus.
For decades, North Bay, Ontario's water supply has harboured chemicals associated with liver and developmental issues, cancer and complications with pregnancy. It's far from the only city with that problem.
The Netherlands' contestant in the Eurovision Song Contest was dramatically expelled from competition hours before Saturday's final of the pan-continental pop competition, which has been rattled by protests over the participation of Israel.
The rolling hills leading to the hamlet of Rosebud are dotted with sprawling farms and cattle pastures -- and a sign sporting a simple message: No Race Track.
In the quiet and leafy Vancouver neighbourhood of South Cambie, best known for its botanical garden, playoff fever is about to set in.
Evan Bouchard scored 5:38 into overtime and the Edmonton Oilers bounced back for a 4-3 win over the Vancouver Canucks in the second round of the Stanley Cup playoffs on Friday.
Biden wants the 2024 election to be a referendum on Trump's record and plans, but he also wants voters to look favourably on his own policies and actions
Irresponsibly using a credit card can land you in financial trouble, but personal finance columnist Christopher Liew says when used properly, it can be a powerful wealth-building tool that can help grow your credit profile and create new opportunities.
A family of fifth generation farmers from Ituna, Sask. are trying to find answers after discovering several strange objects lying on their land.
A Listowel, Ont. man, drafted by the Hamilton Tigercats last week, is also getting looks from the NFL, despite only playing 27 games of football in his life.
A small Ajax dessert shop that recently received a glowing review from celebrity food critic Keith Lee is being forced to move after a zoning complaint was made following the social media influencer’s visit last month.
The Canada Science and Technology Museum is inviting visitors to explore their poop. A new exhibition opens at the Ottawa museum on Friday called, 'Oh Crap! Rethinking human waste.'
The Regina Police Service says it is the first in Saskatchewan and possibly Canada to implement new technology in its detention facility that will offer real-time monitoring of detainees’ vital health metrics.
The stakes have been set for a bet between Vancouver and Edmonton's mayors on who will win Round 2 of the Stanley Cup playoffs.
A grieving mother is hosting a helmet drive in the hopes of protecting children on Manitoba First Nations from a similar tragedy that killed her daughter.
A chicken farmer near Mattawa made an 'eggstraordinary' find Friday morning when she discovered one of her hens laid an egg close to three times the size of an average large chicken egg.
A P.E.I. lighthouse and a New Brunswick river are being honoured in a Canada Post series.