![](https://www.ctvnews.ca/polopoly_fs/1.3960391.1554513210!/httpImage/image.jpeg_gen/derivatives/landscape_800/image.jpeg)
Woman dies at Rolling Stones concert in Vancouver
A woman attending the Rolling Stones concert at BC Place died Friday night, police confirmed.
With the latest inflation data showing no signs of a substantial cool-down, economists are forecasting the Bank of Canada will continue its reign of aggressive rate hikes, and some predict a "technical recession" during the first half of 2023.
Data released by Statistics Canada on Wednesday indicates that the consumer price index (CPI) is up 6.9 per cent year-over-year in September, despite economists previously anticipating a mere 6.7 per cent increase.
In an interview with BNN Bloomberg on Tuesday, Jean-Francois Perrault, chief economist at Scotiabank, said “there’s a limit to how much [the Canadian economy] can withstand.”
“You’ve got the pretty horrible situation in Europe. Obviously, China is going through a very significant slowdown — perhaps so significant that they decided yesterday not to publish economic data for a little while. And we got the U.S. where things are slowing and the Feds indicated that they want to raise interest rates quite a bit more and that will lead to a recession there.”
Perrault said that these economic pressure points make it increasingly more difficult for Canada to withstand recession fears, but he also pointed out that there is still a fair amount of resilience throughout various sectors of the economy.
“You can think of it as the economy kind of taking a breather for a few quarters,” he said. “The Bank of Canada is trying to engineer a cooling of the economy. It’s trying to slow inflation. So this slowdown that’s occurring is consistent with that, and hopefully helpful from an inflation management perspective as we look to inflation over the next year and a half.”
Here's what other economists are saying about the recent inflation data and what is expected from the Bank of Canada as we approach 2023.
Bank of Montreal Chief Economist Douglas Porter said in a note to clients Wednesday that inflation did not ease as much as anticipated last month, “even as gasoline costs took a big step back.”
“Underlying inflation remains extremely persistent and sticky at above 5 per cent.”
He added that a weak Canadian dollar and a likely 75 basis-point hike from the U.S. Federal Reserve at its next meeting pave the way for a 75 basis-point hike.
Leslie Preston, a senior economist and managing director at TD Bank, said in a release Wednesday that increases in the policy rate are starting to impact the economy. Inflation data, she said, emphasizes the need for a hefty 50 basis-point hike next week in the BoC's overnight rate.
“We expect the bank is getting closer to a pause on rate hikes, once it reaches four per cent by the end of the year,” Preston said.
Derek Holt, a vice-president and head of capital markets economics at Scotiabank, anticipates the Bank of Canada to increase its policy rate by another 75 points next week, as he said in a note to investors Wednesday. He also mentioned that he had been supporting a 75 basis-point hike before the release of CPI figures.
“[Overnight index swap] pricing for next week’s BoC decision has moved from pre-data pricing around 60 bps to over 75 bps now as a three-quarters of a percentage point rate hike is now fully priced,” Holt said.
Benjamin Tal, the deputy chief economist at CIBC, said in an email to BNN Bloomberg on Wednesday that he predicts a 75 basis-point hike from the central bank.
Karyne Charbonneau, an economist at CIBC, said in a note to investors Wednesday that the central bank continues to have “work to do” in its fight to effectively combat inflation.
“As such, we now believe the Bank will need to go with a 75 bps hike next week rather than the 50 bps we previously anticipated. The Bank might then be left with a last 25 bps in December if growth numbers support it,” Charbonneau noted.
With files from Daniel Johnson
A woman attending the Rolling Stones concert at BC Place died Friday night, police confirmed.
A B.C. woman who was repatriated from a Syrian prison camp in 2022 has been arrested and charged with terrorism offences, police announced Saturday.
Set atop a hill on the Italian island of Sicily, Agrigento is a heritage tourist’s paradise. But the aqueduct, and others built in modern times, are running so dry that small hotels and guesthouses in the city and nearby coast are being forced to turn tourists away.
Jon Landau, an Oscar-winning producer who worked closely with director James Cameron on three of the biggest blockbusters of all time, 'Titanic' and two 'Avatar' films, has died. He was 63.
U.S. President Joe Biden’s team provided a list of questions to a radio host who interviewed the president this week in the aftermath of his debate performance, the host told CNN.
This year, only Conservative leader Pierre Poilievre will be saddling up for the event, while both Prime Minister Justin Trudeau and NDP leader Jagmeet Singh will stay away.
Though travelling by yourself can be scary and intimidating, there are some ways to make sure you’re safe and have a good time, says a solo travel and content creator from Ottawa.
The man who left hate comments on a murder victim’s online obituary has been sentenced.
Another alleged accomplice of the leader of the Blood Family Mafia (BFM), Dave 'Pic' Turmel, has been arrested by the RCMP.
A convict who escaped an Edmonton correctional service more than a month ago has been caught.
An Ottawa woman, who has survived cancer and has overcome addiction, has won $70 million with Lotto Max.
Calgary is easing outdoor water restrictions as the city continues work to help its water infrastructure recover following a major feeder main break.
Adam finds out how a giant tortoise walking along a sidewalk is inspiring a woman visiting from Australia.
A wrestling fan from Guelph, Ont. thought he was down for the count after winning tickets to a “once-in-a-lifetime” WWE event in Toronto.
Lacey may look like just another pet chicken on Emily Carrington’s B.C. property. But she has a title her coop mates don’t: Guinness World Record holder.
Philip Kim, who competes as "B-Boy Phil Wizard," is set to make Canadian sports history this summer as the country's first-ever Olympic breaking athlete.
A new documentary filmed in Nova Scotia by marine biologist and veterinarian Dr. Chris Harvey Clark explores the increased number of white shark observations in Canadian waters.
A never-before-lived-in mansion in Whistler is on the market for $17.9 million – with the listing describing it as a 'steal for the international buyer' due to the current exchange rate, which puts the price in U.S. dollars at $13.1 million.