From the Bank of Canada's steady hand to a surge in housing starts and Ottawa's new financial crime-fighting agency — here are the five money stories every Canadian should have on their radar this morning. 1 Bank of Canada Rate Holds at 2.25% — Next Decision June 10 The Bank of Canada kept its overnight rate at 2.25% on April 29 and has signalled it intends to stay put for now. Governing Council is keeping a close eye on Middle East conflict spillover into energy prices, ongoing U.S. tariff uncertainty, and whether inflation — currently hovering just above the 2% target — becomes entrenched. Bond markets are currently pricing in roughly an 18% chance of a 25-basis-point cut by the July 15 announcement, making a move at the June 10 meeting unlikely. 💡 What it means for you: Variable-rate mortgage and HELOC holders can exhale — no surprise hikes on the horizon. But don't expect big rate relief either; the "lower-for-longer" window appears to be closing. 2 Mortgage...
Opposition to Rafah Invasion:
- President Biden reiterated the US’s clear position opposing Israel’s plans to invade Gaza’s southernmost city of Rafah. This stance comes despite global concern for over one million Palestinians currently sheltering in the area.
- Thousands of homes in Rafah have already been destroyed by airstrikes, and the threat of a ground invasion looms large.
Ceasefire Talks in Cairo:
- Talks are set to commence in Cairo, Egypt on Monday to negotiate a potential ceasefire deal.
- Hamas has confirmed its participation and will send a delegation to the negotiations.
- An Israeli delegation is also expected to arrive in Egypt to discuss the latest proposals.
Humanitarian Aid and Hostage Release:
- President Biden emphasized the importance of sustained and enhanced delivery of humanitarian aid to Gaza.
- The ongoing conflict has severely impacted civilians, aid workers, and hostages.
- In a previous call, Biden had warned that future US support for Israel would depend on swift steps to protect civilians and aid workers.
Qatar’s Role:
- Qatar, a key intermediary, has urged both Israel and Hamas to show more commitment and seriousness during negotiations.
- Qatar played a crucial role in negotiating a brief halt to the fighting in November, leading to the release of dozens of hostages.
- However, Qatar has recently reassessed its role in the conflict.
Netanyahu’s Response:
- There has been no official comment from Prime Minister Netanyahu’s office regarding the latest call with President Biden.
- Netanyahu has previously rejected Hamas’s terms for a ceasefire and hostage-release agreement, calling them “delusional” and complicating efforts to strike a deal.
As the situation remains tense, the international community closely watches the developments in the Israel-Gaza conflict. The hope is that diplomatic efforts will lead to a resolution that brings an end to the prolonged war and ensures the safety and well-being of civilians on both sides.
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