Parents of infant who died in wrong-way crash on Ontario's Hwy. 401 were in same vehicle
Ontario’s Special Investigations Unit has released new details about a wrong-way collision in Whitby on Monday night that claimed the lives of four people.
With inflation rates at multi-decade highs, central banks in G7 nations have been rushing to raise interest rates—some more aggressively than others.
But despite the intentional hikes, data shows that consecutive rate hikes may not be doing much to bring down the stubbornly high inflation rates to pre-pandemic levels.
Most G7 nations, with the exception of Japan, have been aggressive in increasing interest rates amidst the forecast of a possible recession.
The Bank of Canada raised its interest rate to 3.75 per cent from 3.25 per cent, while predicting Canada could see a potential recession in the first half of 2023, according to its latest Monetary Policy Report.
The U.S. Federal Reserve has been most aggressive with its interest rates. In January 2022, its policy rate ranged between zero and 0.25 per cent, but the most recent interest rate in November ranges between 3.75 and 4 per cent.
While the Federal Reserve hiked rates by 75 basis points, the Bank of England increased its interest rate to 3 per cent from 2.25 per cent — the most since 1989— warning that the British economy might not grow for another two years.
Germany, Italy, and France face the same interest rate as the European Central Bank (ECB) recently raised its interest rate to two per cent in November from zero in January this year.
Recent data released by the intergovernmental Organisation for Economic Co-operation and Development (OECD) shows that the average inflation in G7 reached 7.7 per cent in September, from 7.5 per cent in August 2022.
“This rise occurred even though energy price inflation slowed in all G7 countries except Germany,” the OECD said in the release.
Inflation—excluding food and energy increased across all G7 countries, except France. But it rose significantly in Germany, according to the OECD report.
Inflation on food and energy prices continued to drive up overall inflation in France, Germany, Italy, and Japan.
The cost-of-living crisis, tightening financial conditions, Russia’s invasion of Ukraine, and the prolonged COVID-19 pandemic are all weighing heavily on the G7 growth outlook.
According to the Bank of Canada’s monetary policy report, GDP growth is projected to slow to between 0 per cent and 0.5 per cent through the end of 2022 and the first half of 2023.
“What that means is that, yes, a couple, two, three-quarters of slightly negative growth is just as likely as two or three-quarters of slightly positive growth,” said Bank of Canada Governor Tiff Macklem during a press conference on Oct. 26, 2022. “That's not a severe contraction, but it is a significant slowing of the economy."
The latest world economic growth projections have fallen for nearly all G7 countries (the exception being Japan) according to the recent report released by the IMF’s World Economic Outlook.
In order to restore price stability, the pace of tightening has accelerated sharply by central banks in G7 nations. However, there are risks of both under and over-tightening, experts at the International Monetary Fund warned.
Raising interest rates is a delicate balancing act and aggressive rate hikes such as the one in the 1980s have led to recession.
In contrast, a slow response to inflation erodes the credibility of central banks, allowing high prices to stay longer, and pushing people to buy more with an expectation that prices will continue to rise further.
In a press conference on June 15, 2022, Jerome Powell, the U.S. Federal Reserve Chair said, “There’s always a risk of going too far or not going far enough, and it’s going to be a very difficult judgment to make.”
Ontario’s Special Investigations Unit has released new details about a wrong-way collision in Whitby on Monday night that claimed the lives of four people.
Three men in Quebec from the same family have fathered more than 600 children.
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.
A spike in impaired driving-related collisions has caused Ontario’s provincial police to begin enforcing mandatory alcohol screening (MAS) at all traffic stops in the Greater Toronto Area -- a move one civil rights group says is ‘not acceptable.’
William Nylander scored twice and Joseph Woll made 22 saves as the Toronto Maple Leafs downed the Boston Bruins 2-1 on Thursday to force Game 7 in their first-round series.
Jurors in the hush money trial of Donald Trump heard a recording Thursday of him discussing with his then-lawyer and personal fixer a plan to purchase the silence of a Playboy model who has said she had an affair with the former president.
Staff at a small southern Alberta office supply store were shocked to find someone had broken into the business last week, but they were even more confused when they discovered the culprit was a bear.
A federal judge on Thursday sentenced a scuba dive boat captain to four years in custody and three years supervised release for criminal negligence after 34 people died in a fire aboard the vessel.
Fake text message and email campaigns trying to get money and information out of unsuspecting Canadian taxpayers have started circulating, just months after the federal government rebranded the carbon tax rebate the Canada Carbon Rebate.
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.
Police in Oak Bay, B.C., had to close a stretch of road Sunday to help an elephant seal named Emerson get safely back into the water.
Out of more than 9,000 entries from over 2,000 breweries in 50 countries, a handful of B.C. brews landed on the podium at the World Beer Cup this week.
Raneem, 10, lives with a neurological condition and liver disease and needs Cholbam, a medication, for a longer and healthier life.
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.
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.