Deadly six-vehicle crash on Highway 400 sparked by road rage incident
One person was killed in a six-vehicle crash on Highway 400 in Innisfil Friday evening.
The Bank of Canada says it's trying to not raise interest rates more than it has to, as members of the governing council are mindful of the risks associated with raising rates too much.
The central bank released its summary of deliberations Wednesday, providing insight into its decision to raise interest rates again earlier this month as the economy runs hotter than expected.
The central bank hiked its key interest rate by a quarter of a percentage point, bringing it to five per cent, the highest it's been since 2001.
The summary says the governing council considered whether rate hikes are just taking longer to affect the economy, or whether interest rates have not risen enough to slow the economy and bring inflation down.
"If policy is not restrictive enough to bring inflation to target on a reasonable timetable, there is a risk that rates will have to be increased by even more later. If policy is simply taking longer to work ... over-tightening risks making economic conditions more painful than necessary," the summary says.
Ultimately, they decided that both factors were partly at play, but that cost of waiting too long to raise rates outweighed the benefits.
Canada's inflation rate has slowed considerably since last summer, reaching 2.8 per cent in June. That's within the central bank's target range of one to three per cent.
But the Bank of Canada is still concerned about price growth, as core measure of inflation that strip out volatility remain high.
The central bank is also now expecting the journey back to two per cent inflation to take longer than it had previously expected. New projections it released earlier this month show inflation will hover around three per cent over the next year, before steadily declining to two per cent by mid-2025.
As for future rate decisions, the summary reiterates that the Bank of Canada plans to take decisions one at a time based on incoming economic data.
The central bank's next interest rate decision is slated for Sept. 6.
This report by The Canadian Press was first published July 26, 2023.
One person was killed in a six-vehicle crash on Highway 400 in Innisfil Friday evening.
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.
State-sponsored actors targeted security devices used by governments around the world, according to technology firm Cisco Systems, which said the network devices are coveted intrusion points by spies.
Yemen's Houthi rebels on Saturday claimed shooting down another of the U.S. military's MQ-9 Reaper drones, airing footage of parts that corresponded to known pieces of the unmanned aircraft.
An emergency slide fell off a Delta Air Lines jetliner shortly after takeoff Friday from New York, and pilots who felt a vibration in the plane circled back to land safely at JFK Airport.
It's one thing to say you like Taylor Swift and her music, but don't blame CNN's AJ Willingham's when she says she just 'doesn't get' the global phenomenon.
Britney Spears has reached a settlement with her estranged father more than two years after the court-ordered termination of a conservatorship that had given him control of her life, their attorneys said.
A girl and a boy, both 14 years old, made their first appearance today in a Halifax courtroom, where they each face a second-degree murder charge in the stabbing death of a 16-year-old high school student.
The lawyer for a residential school survivor leading a proposed class-action defamation lawsuit against the Catholic Church over residential schools says the court action is a last resort.
As if a 4-0 Edmonton Oilers lead in Game 1 of their playoff series with the Los Angeles Kings wasn't good enough, what was announced at Rogers Place during the next TV timeout nearly blew the roof off the downtown arena.
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.”