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Chronicle Journal in Thunder Bay, Ontario

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Newspaper

Chronicle Journal

Location

Thunder Bay, Ontario, Canada

Date

Jun 26, 2024

Page

9

Inflation tick higher in May dashes BoC rate-cut hopes

Canada posted a 2.9 percent annual inflation rate in May up from 2.7 in April, amid bumpy conditions. Thunder Bay rising to 2.2 percent and analysts debate whether the Bank of Canada will pause at its July meeting before potential cuts in September, as markets weigh upcoming data and the economy’s path to 2%.

Bank of Canada rate path eyed as data await April GDP and June labour

Statistics Canada will release April GDP and June labour force data, while the Bank of Canada publishes its business outlook survey and consumer expectations on July 15. Analysts note data could be bumpy but not justify delaying a first rate cut after four months of easing in core inflation. May inflation data show services up 4.6 percent year over year, goods up 1 percent, with mortgage costs rising 23.3 percent and rent 8.9 percent. Gasoline and travel prices also climbed. groceries rose 1.5 percent year over year, the first acceleration since June last year, though up 22.6 percent vs May 2020.

Statistics Canada Bank of Canada United States

Pembina and Haisla approve Cedar LNG project near Kitimat

Pembina Pipeline Corp and the Haisla First Nation finalize a positive investment decision for Cedar LNG a 3.3 million tonne per year floating LNG terminal near Kitimat British Columbia The US$4 billion project aims to export Canadian gas to Asia and provide regional jobs and economic prosperity It marks a milestone as the largest Indigenous owned infrastructure venture in Canada and a step toward reconciliation and energy security.

Calgary Canada Pembina Pipeline Corp Haisla First Nation Kitimat B.C Cedar Lng Pembina Scott Burrows Haisla Crystal Smith

TSX Dips as Inflation Surprises to the Upside

Canada’s S&P/TSX composite falls 60.11 points to 21,788.48 with telecom and base metals dragging. In New York, Dow drops 299.05 while S&P 500 and Nasdaq rise as Nvidia lifts tech. inflation at 2.9% in May tempers rate-cut odds. Celestica gains boost Canadian tech index as crypto shares recover. Bank of Canada easing path remains uncertain with July decision in focus.

Toronto Canada U.S New York Tech Nvidia Celestica Inc Statistics Canada Bank of Canada Tamsin Wilding Leith Wheeler Investment Counsel Ltd

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