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...
Heat Wave Continues: Record-Breaking Highs and Global Impact
The scorching heat wave gripping much of the United States shows no signs of relenting. As forecasters issue warnings about record-breaking temperatures, millions of Americans find themselves under heat advisories. Here’s what you need to know:
U.S. Heat Wave Highlights
- Affected Regions: The extreme heat has shifted from the Midwest and Ohio Valley into the Mid-Atlantic states. Approximately 100 million people, particularly along the I-95 corridor on the East Coast, are feeling the heat.
- Temperature Projections: While parts of the Northeast may experience cooler temperatures in the 70s and 80s, the mid-Atlantic region is forecasted to reach the mid-90s and possibly even the 100s. New York City’s heat index could reach 103, Philadelphia’s 110, and Washington, D.C.'s 110.
- Southwestern U.S.: Southern California, Arizona, and Nevada are also bracing for temperatures above 100°F. Meteorologists predict “monsoon-like” conditions in the region.
- Health Impact: Emergency room visits related to heat have surged in the hardest-hit U.S. regions. Reliable air conditioning is crucial for coping with this prolonged heat.
Global Heat Trends
- Europe: Serbia recorded temperatures of 104°F, while forest fires raged in Greece and Portugal. The European Union’s climate change monitoring service reports 12 consecutive months of record warmth.
- Southeast Asia: The heat wave triggered school closures and health warnings.
Stay safe, stay hydrated, and seek shelter from the scorching sun. Let’s all work together to beat the heat!
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