Long-time Chief Executive Officer Ben Silbermann of Pinterest would step down, handing over the reins of the social media platform to Google...

Stock Market

Google executive to take over as a new CEO of Pinterest

Top accounting firm Ernst & Young has been slammed with a record $100 million fine from the US government...

Stock Market

Accounting firm gets 100 million fine for faulty regulations

The Indian rupee slipped into a fresh low today and extended losses against the US dollar.

Forex

The rupee tumbled to a new low against the dollar in the midst of an increase in crude oil price

Wall Street saw a sharp fall at its closing in a broad sell-off. Consumers' worries over recession have sparked up...

Stock Market

Wall Street Lose Balance after recession strikes growth fear among consumers’

Soaring inflation may be pushing the US economy into a deep recession. Last week's 0.75% interest rate hike by the Federal Reserve...

Stock Market

Inflation ringing the recession bell - Mohammed Shaheen

Economy

22 Apr 2022

Bank of Canada Hints at Possibility of 75 Basis Point Interest Rate Hike

The Index Today

The Bank of Canada has hinted at a higher interest rate hike in the works as the country battles its highest inflation figures in three decades.

According to Bloomberg News, Bank of Canada Governor Tiff Macklem contended that he was “not going to rule anything out”, when asked about implementing a rate hike beyond the 50 basis point. This comes after the central bank instituted a 50 basis point interest rate raise at the G7 meeting the previous week.

On Thursday, Macklem said from Washington where he is currently attending the World Bank and IMF meetings, “We’re prepared to be as forceful as needed and I’m really going to let those words speak for themselves.” This has spurred investor anticipation of the Bank of Canada potentially increasing interest rates by 75 basis points on June 1, reported Bloomberg News.

This comes as central banks around the world continue to hike interest rates to counter soaring inflation with the U.S. Federal Reserve set to implement a 50 basis point hike at its next policy meeting in May.

©Photo: stcatharinesstandard.ca

Clay pottery with table linens