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Why Interest Rates Matter for Canadians

Interest rates are the single most powerful lever in Canada's economy.  When the Bank of Canada adjusts its policy rate, the effects reach every household—from the cost of carrying a mortgage to the return on a savings account. With rates currently at 2.25% and significant uncertainty ahead, understanding how rates work has never been more important for your finances. What Is the Bank of Canada's Policy Rate? The Bank of Canada sets the overnight policy rate—the interest rate at which major banks lend money to each other. This rate serves as a benchmark that influences borrowing and lending costs across the entire economy. When the Bank raises or lowers this rate, commercial banks adjust their prime rates accordingly, which directly affects the rates you pay on mortgages, lines of credit, and other loans. The Bank's primary goal is to keep inflation near its 2% target. When inflation runs too hot, the Bank raises rates to cool spending. When the economy slows, it cuts rates...
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Notre Dame Cathedral Reborn: First Mass Since 2019 Fire Marks Historic Moment

 

Notre Dame Cathedral, the iconic symbol of Paris, hosted its first Mass since the devastating fire of 2019 on Sunday, December 8, 2024. The event, attended by clergy, dignitaries, and guests, marked a significant milestone in the cathedral's journey from ruin to resurrection.

Archbishop Laurent Ulrich presided over the morning Mass, which included the consecration of a new bronze altar. The liturgy was a powerful symbol of Paris' resilience and the global effort to restore one of humanity's most treasured landmarks. The cathedral's restoration, fueled by nearly $1 billion in global donations, has been a testament to extraordinary craftsmanship and unyielding determination.

The evening Mass, open to the public, saw thousands gather along the Seine to witness this historic moment from afar. The cathedral's reopening is not just a religious milestone but a moment of cultural and national unity.

President Emmanuel Macron, who vowed to restore the cathedral within five years, attended the ceremonies and called the project "a jolt of hope" for France. The restoration, despite challenges such as lead contamination and the COVID-19 pandemic, has been a remarkable achievement.

As the cathedral's great organ resounded with majestic melodies and its restored stained-glass windows projected dazzling patterns of color, Rev. Olivier Ribadeau Dumas, Notre Dame's rector, remarked, "No one alive has seen the cathedral like this. It is more than restored—it is reborn."

The path to restoration has been long and arduous, but the reopening of Notre Dame stands as a testament to the enduring spirit of Paris and the global community that came together to rebuild this historic masterpiece.



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