Bank of Canada rate cut odds for June fall after April inflation data
OTTAWA - Signs that underlying inflation was picking up in April put the Bank of Canada in a tricky position ahead of its June interest rate decision, with some economists arguing a second straight pause is now more likely.
'It is going to make it a much more challenging backdrop for the Bank of Canada to continue cutting rates, at least in the near term,' said Benjamin Reitzes, managing director of Canadian rates and macro strategist at BMO Capital Markets.
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Toronto Star
2 hours ago
- Toronto Star
‘Not a fall guy yet:' The savvy and staying power of former Bay Street titan and Ottawa survivor Michael Wilson
Mike Wilson once told me the idea to run for Parliament came to him after a 1977 business trip to Hong Kong. Wilson said he became 'haunted' by the words of an Asian businessman who said, 'We look at Canada, that vast expanse of land where you have resources and can produce food. You've got everything going for you. Why are you messing it up so badly?' Wilson resigned as executive vice-president at Dominion Securities and won public office in 1979. By the time Saturday Night assigned me in 1985 to write a profile on Wilson, he'd been minister of finance for a year. ARTICLE CONTINUES BELOW My interview time with Wilson included five hours on an Air Canada flight from Toronto to San Francisco. In those days, Air Canada was a Crown corporation but there were plans to turn it into a public company. When a member of Air Canada's counter staff gave Wilson indifferent service, I could see his face harden. 'That's why I want to get some shares out into the hands of the public,' he muttered, 'so they have an interest in improving the service.' Business Opinion Rod McQueen: The man who could have been PM — before an infamous fumble zapped his chances Fumbling photo of Stanfield became a metaphor for his beleaguered campaign, writes Rod McQueen, The speech Wilson gave in the Mark Hopkins Hotel ballroom was received with similar lethargy. When his twenty-three minute talk concluded, he was rewarded with all of nine seconds of applause. If Mike Wilson counted on audience response for nourishment, he'd starve. As I researched the article, many friends and colleagues described him as naive and guileless. I formed the thesis that if Wilson's deficit predictions didn't work out or some financial crisis caused economic trouble for the country, Prime Minister Brian Mulroney would blame his self-effacing finance minister because Wilson wouldn't protest. Among the many anecdotes he told me, one involved him saying to a fellow cabinet minister who'd complained about back pain, 'You don't have a bad back, you've got a bad front.' When the fact-checker from Saturday Night called Wilson and he learned that this comment was in the article, Wilson called me several times to remove the quote. I eventually agreed. ARTICLE CONTINUES BELOW ARTICLE CONTINUES BELOW My story was on the March 1986 cover. The close-up photograph of Wilson showed him adjusting his tie and looking up with the hint of a smile. The cover line read, 'Is the minister of finance about to become Brian Mulroney's fall guy?' Wilson proved me wrong. He had the savvy and staying power required for the role as finance minister from 1984-91. At one point during that period, I received a brown envelope from the Department of Finance. There was no note. There was no need. Inside was the torn-off Saturday Night cover featuring his smile that somehow seemed to have grown wider. In his own hand he'd written, 'Not a fall guy yet' and signed his name. Business Opinion Rod McQueen: Life lessons from Canadian Shark Robert Herjavec: 'I never wanted to be really rich, I just didn't want to be poor' 'It's amazing what you can achieve in ten years,' multi-millionaire Shark Tank star Robert I assumed that this jocular notation meant that he'd forgiven me for my description. He had not. A few years later when I called him to ask for an interview about another matter, he browbeat me again about the 'bad front' quote, before finally agreeing. Wilson was certainly not one of those politicians with a needy ego. The Economist once declared, 'Many Americans seem to think that theirs is just a large country, stuck between dull old Canada and noisy Mexico.' Said a droll letter to the editor, 'Why do you persist in calling Canada dull? What is it you want? Do you know that Canadians are the world curling champions? Do you know that the paint roller is a Canadian invention? Have you ever heard Michael Wilson speak? A country can only stand so much excitement.' ARTICLE CONTINUES BELOW ARTICLE CONTINUES BELOW The writer was Frank Potter, then Canada's executive director at the Washington-based World Bank, a Wilson appointee who knew the minister wouldn't mind a bit of lighthearted fun at his own expense. After fourteen years in Parliament, Wilson did not run for re-election in 1993, a wise decision as it turned out because his Progressive Conservative party was reduced to two seats. He returned to his old firm, by then called RBC Dominion Securities, as vice-chairman. Wilson's life was forever altered in 1995 when his only son, Cameron, who suffered from mental health issues, died by suicide. Wilson's high-profile role in Parliament allowed him to draw public attention to a topic about which he cared deeply. Business Opinion Rod McQueen: He was a prime minister and a Bay Street player. He lost elections and influence. John Turner didn't shy away from the arena He could charm an audience and he could stumble verbally. He could lead, but knew well his He launched a fundraising campaign for the Centre for Addiction and Mental Health Foundation. He also gave speeches about the need to help all those with mental illness as well as the importance of not staying silent when it strikes family. I can't think of very many other high-profile individuals who took such a courageous stand. Mike Wilson, who died in 2019, was proof positive that you can thrive after a Bay Street role as well as time in Ottawa, the city that has withered many a heart.
Canada Standard
3 hours ago
- Canada Standard
"Look forward to PM Modi's visit to Canada for G7": Former MP Chandra Arya
Ottawa [Canada], June 7 (ANI): Former Canadian Member of Parliament, Chandra Arya, has expressed optimism ahead of Prime Minister Narendra Modi's visit to Canada for the G7 Summit scheduled for June 15-17. In a post on X, Arya highlighted the shared values between India and Canada and underscored how a deep relationship with India is imperative for Canadian interests. Taking to X, Arya said, 'We look forward to the visit of @narendramodi to Canada for the G7 meeting during June I met @narendramodi last July, I emphasized that Canada and India are united by shared values--democracy, pluralism, and a rules-based international order.' Calling India an 'indispensable partner' for Canada, he highlighted its increasing influence as a global actor. 'India, an increasingly influential global actor with growing strategic, economic, and demographic weight, is an indispensable partner for Canada--both in the Indo-Pacific region and globally,' he wrote. He further added, 'It is in Canada's national economic, strategic, and geopolitical interest to forge a deeper, more structured relationship with India--one that spans trade, investment, policy, and civil society.' Canadian Prime Minister Mark Carney said on Friday (local time) that G7 countries will discuss important issues, including security and energy, in their upcoming summit, adding that India's presence at the intergovernmental political and economic forum is essential. Carney said that India, being the fifth-largest economy and the most populous country in the world, must be at the seat. 'Let's put the two aspects in context- first is, we are in the role- Canada's in the role of the G7 chair and in those discussions as agreed with our G7 colleagues, include important discussions on energy, security, on digital future, critical minerals amongst others and partnerships actually in building infrastructure in the emerging and developing world,' he said. PM Modi had received a call from his Canadian counterpart who extended invitation to India for attending the G7 Summit. 'Glad to receive a call from Prime Minister @MarkJCarney of Canada. Congratulated him on his recent election victory and thanked him for the invitation to the G7 Summit in Kananaskis later this month. As vibrant democracies bound by deep people-to-people ties, India and Canada will work together with renewed vigour, guided by mutual respect and shared interests. Look forward to our meeting at the Summit,' PM Modi wrote in his post. The G7 Summit (Group of Seven) is an informal grouping of seven of the world's advanced economies and the European Union. Its members meet annually at the G7 Summit to discuss global economic and geopolitical issues, according to the G7's official website. The members of the G7 are France, the US, Germany, Japan, Italy, Canada and the UK. (ANI)
CTV News
4 hours ago
- CTV News
CTV National News: High cost of beef putting a damper to BBQ season
Watch Many cuts of beef have seen a price increase of more than 30 per cent across Canada. Kathy Le explains what is driving up the price.
