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Market Volatility: Stocks Flatten as Powell's Remarks Weigh on Gains

The stock market experienced a turbulent session on Wednesday, ultimately closing near flat after Federal Reserve Chair Jerome Powell's comments on monetary policy and inflation concerns. The S&P 500 ended nearly unchanged , giving back earlier gains as investors digested Powell’s remarks on the Fed’s stance regarding interest rates and economic restraint. Powell reiterated that the central bank remains cautious about inflation, particularly in light of tariff-driven price increases expected over the summer. While the Fed signaled that borrowing costs are likely to decline this year, the pace of future rate cuts appears to be slowing.  Following Powell’s speech, U.S. Treasury yields reversed their earlier declines , influencing market sentiment. The Dow Jones Industrial Average fell 43.83 points (0.10%) , while the Nasdaq Composite managed a slight gain of 23.66 points (0.12%).  Investors also kept a close eye on geopolitical developments, particularly tensions in the Midd...
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Service Canada Job Cuts: 800 Positions to Be Eliminated Nationwide

In a significant workforce reduction, Service Canada is set to cut approximately 800 jobs across its offices nationwide by the end of June. The decision comes as a response to a forecasted decline in passport applications, prompting Employment and Social Development Canada (ESDC) to adjust staffing levels accordingly.

A spokesperson for ESDC emphasized that the decision was “necessary and not taken lightly”, citing the department’s obligation to maintain fiscal responsibility based on workload projections. Impacted employees have already been notified, though specific details on how the cuts will be distributed across various service locations remain unclear.

The job cuts follow a similar move by the Canada Revenue Agency (CRA), which recently announced the elimination of 280 positions, primarily in the National Capital Region. The Public Service Alliance of Canada (PSAC), representing nearly 240,000 public service workers, has voiced concerns that these reductions will lead to longer wait times at passport offices and weakened services for taxpayers and businesses.

PSAC National President Sharon DeSousa criticized the government’s approach, stating that Prime Minister Carney must uphold his commitment to protecting essential services rather than implementing widespread job cuts without thorough analysis.

As the federal government continues to reassess staffing needs, the impact of these reductions on public services remains a pressing concern for both employees and citizens relying on Service Canada’s assistance.

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