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Notre-Dame Cathedral Reborn: A Testament to Resilience and Restoration

  After five years of meticulous reconstruction, the iconic Notre-Dame Cathedral is set to reopen its doors to the public on December 8, 2024. The reopening ceremony will take place on December 7, marking a significant milestone in the cathedral's history. The fire on April 15, 2019, caused extensive damage to the historic cathedral, collapsing its iconic spire and causing significant harm to its roof, stained-glass windows, and interior artworks. Despite initial doubts and estimates that the restoration could take up to 40 years, French President Emmanuel Macron's ambitious goal to complete the reconstruction within five years has been achieved. The restoration project, costing around $737 million, was funded by donations from 340,000 individuals across 150 countries. The project involved the efforts of 2,000 artisans and 250 companies, who worked tirelessly to restore the cathedral to its former glory. The new roof and spire have been built using 1,500 trees, including the ta...
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Bank of Canada Expected to Maintain Rates This Week, with First Cut Anticipated in June

 

The Bank of Canada is poised to keep its key overnight rate unchanged this week, as it continues to assess cooling inflation trends. However, the prospect of its first interest rate cut in four years looms on the horizon, with market speculation suggesting it could arrive as early as June.

Canada’s inflation, including core measures tracked by the central bank, has eased from a peak of 8.1% in June 2022. Additionally, the recent labor force survey revealed weaknesses in the job market. Despite these indicators, the central bank faces a delicate balancing act. While a rate cut could further stimulate consumer spending, it also risks fueling a rally in housing prices—a critical component that has driven inflation in the country.

An immigration-driven population surge has led to an unprecedented housing shortage in Canada. First-time home buyers and renters eagerly await opportunities to enter the market as borrowing costs decline from a 22-year peak. The central bank’s decision will significantly impact these dynamics.

Money markets have been increasingly betting on a 25 basis-point rate cut in June, with the current chances hovering around 78%. A rate cut in July is fully priced in, while April is expected to be a hold by the bank. Economists are aligned with market expectations, with over 70% anticipating the Bank of Canada’s first rate cut in June.

Governor Tiff Macklem has emphasized the need for caution. While the central bank aims to keep inflation within its 2% target range, Macklem has stated that it is still too early to consider a rate cut. The bank awaits further signs of underlying easing inflation before making any decisive moves.

In summary, the Bank of Canada’s upcoming monetary policy decision on April 10 will be closely watched. As the economy navigates uncertainties, the timing of the first rate cut remains a pivotal question. Whether it occurs in June or July, the central bank’s actions will shape Canada’s economic landscape in the coming months.



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