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...
Wall Street Leans Toward Gains Ahead of Powell Testimony and Earnings Data
Wall Street is poised for gains as we enter day two of Federal Reserve Chair Jerome Powell’s testimony before Congress. Here are the key highlights:
Futures Rise: Futures for the S&P 500 have climbed 0.2%, while Dow Jones Industrial Average futures edged up slightly. Investors are closely monitoring Powell’s remarks for insights into monetary policy decisions.
Earnings Season: As companies report their quarterly earnings, market participants are paying attention to corporate performance. Expectations are high, and positive surprises could drive further gains.
Inflation Data: The market is also keeping an eye on inflation data. Rising prices have been a concern, and any indications from Powell regarding the Fed’s stance on inflation will be closely scrutinized.
Remember, Powell’s comments can significantly impact market sentiment. Stay tuned for further updates as the day unfolds!
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