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Frozen Nation: Communities Brace as Arctic Blast Slams the U.S.

A powerful winter storm has swept across large portions of the United States, plunging millions into dangerously low temperatures and leaving entire neighborhoods in the dark. From the Midwest to the Northeast, residents are hunkering down as the system delivers blizzard conditions, icy roads, and widespread power outages. Meteorologists describe the storm as one of the most intense cold snaps in recent years, with wind chills in some regions dropping far below zero. Emergency crews are working around the clock to restore electricity, clear roads, and respond to weather‑related emergencies. In several states, warming centers have opened to support vulnerable residents facing prolonged outages. Travel has been severely disrupted, with hundreds of flights canceled and major highways temporarily shut down due to whiteout conditions. Officials continue urging people to stay indoors, conserve energy, and check on neighbors—especially the elderly and those living alone. Despite the chall...
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Are rate hikes over for Canada


The Canadian economy is expected to show a modest growth of 0.4% in the third quarter of 2023, according to the latest estimates from Statistics Canada. This is lower than the 0.6% expansion in the previous quarter, and well below the 2.1% growth rate that the Bank of Canada projected in July.

The weak GDP numbers have fueled the speculation that the country may be heading into a recession, as global trade tensions, lower oil prices, and household debt weigh on the economic outlook. 

However, not everyone is convinced that the situation is so dire. Some forecasters argue that the third quarter slowdown was mainly due to temporary factors, such as a strike at a major auto plant, a drop in agricultural output due to drought, and a slowdown in housing construction. They expect that the economy will rebound in the fourth quarter, as these factors dissipate and consumer spending picks up.

Moreover, some forecasters point out that the inflation rate remains within the central bank's target range of 1% to 3%, suggesting that there is no need for further monetary stimulus. They also note that the labour market remains strong, with the unemployment rate at a near-record low of 5.5%, and wage growth at a solid 3.2%.

Therefore, some forecasters believe that the Bank of Canada will maintain its wait-and-see approach, and keep interest rates unchanged until there are clear signs of either a sustained recovery or a prolonged downturn. They argue that the central bank has already done enough to support the economy, by cutting interest rates three times in 2022, and that any further easing could fuel financial imbalances and inflationary pressures.

In summary, the GDP numbers for the third quarter of 2023 are likely to spark more debate about the state of the Canadian economy and the direction of monetary policy. However, some forecasters are more optimistic than others, and think that the rate hikes are over for now, unless there is a significant change in the economic conditions.

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