BANK OF CANADA INCREASES INTEREST RATE TO 4.25%, THE HIGHEST IN ALMOST 15 YEAR
BY CHRISTOPHER CALE
It's the 7th and final time Canada's central Bank will raise its rate to fight inflation this year. The previous one came in October, and the interest rate went up to 3.75%.
Those increases have significantly impacted the rates that Canadian consumers and businesses get from their banks on things like savings accounts and mortgages.
Many large bank economists see a rate peak near year
James Orlando, director, and senior economist with TD Bank, echoed the 25-basis-point call. He said a quarter-point step in January would allow the central Bank to finally sit back and let the lagged effects from its rate hikes to date take effect.
"At that time, it can move to the sidelines, allowing the economy to recalibrate and let inflation continue its downward trend over 2023."
- James Orlando, director, and senior economist with TD Bank
The next policy rate announcement is expected on Jan. 25, 2023.
Source: Global News
21-year-old dies while in custody after injuries sustained in Montreal jail from an altercation with an officer
BY MICHAEL HURLEY
Nicous D'Andre Spring, 21, also known by his artist name Yk Lyrical, sustained serious injury following an altercation on Christmas Eve with an officer while in custody.