'He's in our hearts': Family and friends still seek answers one year after Nathan Wise’s disappearance
It’s been a year since Nathan Wise went missing and his family is no closer to finding out what happened to him.
The head of the European Central Bank said Tuesday that it will move gradually to combat soaring consumer prices with interest rate hikes in July and September but will keep its options open to "stamp out" inflation if it surges faster than expected.
In a speech opening an ECB forum on central banking in Sintra, Portugal, bank President Christine Lagarde used strong terms as policymakers target inflation running at a record 8.1% in the 19 countries using the euro. With new inflation figures due out Friday, Lagarde said the bank is using the dual approach to be able to respond to economic uncertainty.
Russia's war in Ukraine has led to surging energy and food prices that are higher than those seen in the 1970s and '80s, and "given its energy dependence, the euro area is experiencing these shocks acutely," Lagarde said.
"The size and complexity of these shocks are also creating uncertainty about how persistent this inflation is likely to be," she said.
The bank has already announced it will end asset purchases that worked to boost the economy on Friday, and follow with its first interest rates hikes in 11 years at its meeting next month. It will also raise rates in September but is leaving the option open for a bigger hike than the quarter-point increase in July, in case inflation keeps spiking.
The ECB also is trying to avoid further hurting economic growth by acting too aggressively, having "revised markedly down our forecast for growth in the next two years," Lagarde said.
But "there are obviously conditions in which gradualism would not be appropriate. If, for example, we were to see higher inflation threatening to de-anchor inflation expectations or signs of a more permanent loss of economic potential," she said, "we would need to withdraw accommodation more promptly to stamp out the risk of a self-fulfilling spiral."
Other central banks around the world, including the U.S. Federal Reserve, have moved quicker than the ECB to combat runaway inflation. But they face the threat of spurring a recession as they make borrowing more expensive, with Fed Chair Jerome Powell acknowledging last week that "it's certainly a possibility."
The Fed has raised rates three times this year, including an increase of three-quarters of a point that marked its biggest hike in nearly three decades, and has more planned. The Bank of England has raised rates five times since December.
Powell and Bank of England Governor Andrew Bailey will join Lagarde for a policy panel discussion at the ECB forum on Wednesday.
It’s been a year since Nathan Wise went missing and his family is no closer to finding out what happened to him.
Dozens of Ontarians are expressing frustration in the province’s health-care system after their family doctors either dropped them as patients or threatened to after they sought urgent care elsewhere.
An Ottawa pizzeria is being recognized as one of the top 20 deep-dish pizzas in the world.
Amazon's paid subscription service provides free delivery for online shopping across Canada except for remote locations, the company said in an email. While customers in Iqaluit qualify for the offer, all other communities in Nunavut are excluded.
The fire burning near Fort McMurray grew from 25 hectares to 5,500 hectares over the weekend.
Russia’s President Vladimir Putin began a Cabinet shakeup on Sunday, proposing the replacement of Sergei Shoigu as defence minister as he begins his fifth term in office.
Police are searching for a male suspect after a man was “slashed in neck” on Sunday morning in downtown Toronto and died.
There were some scary moments for several people on a northern Ontario highway caught on video Thursday after a chain reaction following a truck fire.
Health Canada announced various product recalls this week, including electric adapters, armchairs, cannabis edibles and vehicle components.
English, history, entertainment, math and geography: high school trivia teams could be quizzed on any of it when they compete at the Reach for the Top Nationals in Ottawa in June.
An Ottawa pizzeria is being recognized as one of the top 20 deep-dish pizzas in the world.
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.
The threat of zebra mussels has prompted the federal government to temporarily ban watercraft from a Manitoba lake popular with tourists.
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.
Just as she had feared, a restaurant owner from eastern Quebec who visited Montreal had her SUV stolen, but says it was all thanks to the kindness of strangers on the internet — not the police — that she got it back.