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Bank of Canada raises benchmark interest rate to 4.25%
The Bank of Canada again raised its key lending rate to 4.25 per cent in its efforts to bring down inflation. After seven rate hikes this year, some homeowners with variable-rate mortgages are nearing their breaking points.
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Food prices will continue to rise in 2023: report
The financial pain from high food prices isn’t expected to go away for a while, a new report from Dalhousie University suggests. That’s bad news for some families who say they don’t see what else they could cut from their grocery bills.
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Homeowner talks about latest rate hike
Toronto homeowner Rebecca Cossar says another hike by the Bank of Canada this week is likely to cause her mortgage's interest rate to go from under 2 per cent right now, to over 7 per cent when she has to renew in February.
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Rate hikes gobble up every penny of household spending
Rabia Shumayal of Mississauga, Ont. has seen her mortgage rate go from 1.9% to above 5% this year, which has forced her to cut out basically all other spending for her family.
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Ontario investors scooping up properties in Calgary
Ontario investors are scooping up rental properties in Calgary, attracted by the lower prices and positive economic outlook. But the trend is causing concern the increased demand will drive up prices and put pressure on local home buyers.
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Experts say financial literacy should be mandatory in schools
With the cost of living rising, experts say schools should do more to help young people learn how to manage their money, and even make financial literacy classes mandatory to graduate.
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Financial Care Platform Brightside Helping Employers With Workers' Finance Needs
Brightside, which recently raised $33 million in a Series B funding round, helps employers improve the financial health of their workforce. Tom Spann, CEO and co-founder of Brightside, joined Cheddar News to discuss.
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Canada’s inflation rate remains at 6.9%
Canada’s inflation rate remained at 6.9 per cent in October, kept high by fuel and food prices. But there is some good news: price hikes seem to be slowing.
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Unifor president accuses Bank of Canada of 'class war'
UNIFOR national president Lana Payne says interest rate hikes won't solve inflation but they "will cause a lot of pain on workers."
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Need2Know November 3, 2022
The Federal Reserve raised interest rates again, CVS and Walgreens come to an agreement on an opioid settlement, and the Parkland school shooter is sentenced. Here is everything you Need2Know for Thursday, November 3, 2022.
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Highest rise in UK interest rates since 1989 despite 'looming long recession'
UK finance minister Jeremy Hunt said Thursday's 0.75% hike by the Bank of England would be "very tough" for families with mortgages and businesses with loans.
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Annual inflation in Turkey reaches record 25-year high of 85.5%
Turkish President Recep Tayyip Erdogan believes that high-interest rates encourage inflation and lead to higher prices.
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Fall economic update promises support for struggling Canadians
Ottawa's recently unveiled fall economic update promises new relief for some of the hardest-hit Canadians, as people across the country struggle with the rising cost of living.
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US Fed delivers big rate hikes, signals next one could be smaller
It took note of the still-evolving impact that its rapid pace of rate hikes has set in motion
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Interest rate hike less than expected but still 'significant,' says economist
Derek Burleton, chief economist for TD Bank, reacts to the Bank of Canada's 50-basis-point interest rate increase and how high he anticipates it may go.
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Interest rate hike: how to weather the storm
Personal finance educator Kelley Keehn gives tips on how Canadians can brace for upcoming economic changes as Canada's central bank raises its interest rates.
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Is high inflation getting entrenched?
Kevin Page, head of the Ottawa-based Institute of Fiscal Studies and Democracy, discusses Canada's latest inflation data, and what it means for Canadians.
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Economy will slow considerably in the second half of 2022, PBO projects
Parliamentary Budget Office Yves Giroux on a global economic slowdown, U.S. inflation and the prospect of a recession in Canada.
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Preparing for a Possible Recession
Economists fear that the upcoming recession could be worse than 2008. While young people are feeling “recession fatigue,” they're advised to start saving while baby boomers and Gen-X should knock down debt. Greg McBride, Chief Financial...
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Provinces need to be at the table as Canada competes with U.S. Inflation Reduction Act: Freeland
"Message to provinces - you guys have a strong fiscal position right now," said Finance Minister Chrystia Freeland. "When it comes to supporting investments in the clean economy, provinces are going to need to be at the table too."
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State of the U.S. Auto Industry as Pandemic Winds Down Globally
Scott Painter, the CEO and founder of Autonomy, joined Cheddar News to discuss the state of U.S. auto sales.
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Inflation cools slightly to 6.9% in September
Canada's official inflation rate slowed for the third month in a row in September, as gasoline got cheaper but food prices continued to get more expensive.
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9 in 10 Canadians cutting back on spending amid inflation: Angus Reid survey
A new survey from the Angus Reid Institute suggests the vast majority of Canadians are spending less as prices rise — and most say interest rate increases will negatively affect their finances.
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Former Liberal finance minister: “Recessions lead to changes in government”
Former finance minister John Manley weighs in on the potential of a global recession and how it will affect world leaders. “It’s very hard for a government to gain strength during a recession,” he said.