National

Macklem to appear before Senate banking committee

Darpan News Desk The Canadian Press, 01 Nov, 2022 09:47 AM

OTTAWA — Bank of Canada governor Tiff Macklem and senior deputy governor Carolyn Rogers are expected to testify before the Senate banking committee this evening.

Last week, the central bank raised interest rates for the sixth consecutive time this year.

The Bank of Canada hiked its key interest rate by half a percentage point on Wednesday and signalled interest rates would have to rise further to clamp down on decades-high inflation.

Canada’s annual inflation rate was 6.9 per cent in September but has been steadily declining since reaching its highest rate this year of 8.1 per cent in June.

The Bank of Canada also released its latest monetary policy report last week, which suggested the Canadian economy is headed for a significant slowdown toward the end of the year and into the first half of 2023.

Bank of Canada officials are typically called in to testify following the release of the April and October monetary policy reports.

Prev Next

MORE National ARTICLES

Wildfire flares on Vancouver's North Shore

West Vancouver Fire Rescue duty chief Matt Furlot says crews responded at around 7 a.m. He said they were trying to pinpoint the exact location of the fire and the best way to access to the flames.

Wildfire flares on Vancouver's North Shore

VPD arrests suspect in two sexual assaults

At 7:30 p.m. on July 6, a 24-year-old woman reported she had been sexually assaulted while on the escalator at the Granville SkyTrain Station by a suspect who ran away. The investigation was completed by Metro Vancouver Transit Police. A second incident occurred the following day on West Broadway at Ash Street. Just before 2 p.m. a 38-year-old woman was sexually assaulted.

VPD arrests suspect in two sexual assaults

93 year old man knocked to the ground and suffers broken hip in stranger attack

The victim – a neighbourhood resident for 30 years – was walking to a bakery near Main Street and East Pender when he was pushed over by a stranger around 3:15 Tuesday afternoon. Several witnesses stopped to help the senior, who was taken to hospital.

93 year old man knocked to the ground and suffers broken hip in stranger attack

B.C. readies for post-drought flooding: government

Emergency Management BC says when rain falls after long dry spells, the parched soil can increase runoff and river flow. It says the transition to the rainy season doesn't typically cause extensive flooding and the devastation wreaked by last year's atmospheric rivers was rare.

B.C. readies for post-drought flooding: government

B.C. health workers, employers ratify contract

The B.C. government says in a statement the Facilities Bargaining Association, which represents about 60,000 people delivering health services throughout the province, has ratified a new contract. It says the nine-union association is led by the Hospital Employees' Union, which represents about 93 per cent of the health workers covered by the agreement.

B.C. health workers, employers ratify contract

Metro Vancouver urges shorter showers amid drought

A statement from the regional district of Metro Vancouver says water use is up by 20 per cent for this time of year because of the extended dry, warm weather. It says the area's watersheds have received about 50 millimetres of rain since the start of August, when it would typically see about 400 millimetres between Aug. 1 and Oct. 1.