Bank of Canada governor Tiff Macklem appeared before the Commons’ finance committee yesterday, and reiterated that a decision on a rate cut is getting close, which should be good news to (most) everyone—most especially the government. There were a couple of other interesting things he said, which is that we’re not beholden to matching the US’ rate, but at the same time, we can’t diverge too much, or we would face currency devaluation.
There is a limit to how much Canadian interest-rate policy can diverge from the Federal Reserve, Bank of Canada Gov. Tiff Macklem said Thursday, as traders ponder how deeply Canada can cut rates without fueling further weakness in its currency. https://t.co/K6HBfWL39w
— Paul Vieira (@paulvieira) May 2, 2024
The Conservatives have been clipping his appearance at the Senate’s banking committee the day before, claiming that he said that the federal budget and its deficit are fuelling inflation, which isn’t what he said. He said that the budget won’t have any impact on inflation, because any increased spending is balanced out by higher revenues—but they clipped the part about revenues off, because deceit is their current modus operandi.
BREAKING NEWS
Governor of the Bank of Canada once again confirms Trudeau’s spending is “not helpful” to bring inflation down and lower interest rates after his disastrous budget added $40 billion in net new spending. pic.twitter.com/XBvbqwGRie
— Jasraj Singh Hallan 🇨🇦 (@jasrajshallan) May 2, 2024
And because of where the discourse is at, Macklem had to once again point out that the carbon levy is not having an impact on inflation, and that if you “axed” it, there would be a small one-time drop in inflation that would disappear the next year (because inflation is a year-over-year measure), and it wouldn’t really change much—a message that Conservatives don’t like to hear, or who like to fudge, because it messes with their narrative that said levy had driven people into poverty (which is not true). But seriously, how many times does he need to say this?
How many times does he need to say this? https://t.co/CIDmy5nKb0
— Dale Smith (@journo_dale) May 2, 2024
Ukraine Dispatch:
Guided bombs hit close to a sports complex in Kharkiv, injuring eight children. The tally is that Russia fired more than 300 missiles, around 300 drones, and over 3200 guided bombs against Ukraine in April. Russia has massed its forces, and they are making a concerted push along all of the front lines in Donetsk, though Ukraine is holding them off for the time being, though they are forced to be judicious with their ammunition until more can arrive. Here is a look at the state of minefields in Ukraine, where they are now one of the most mined countries in the world.
Just this April alone, Russian terrorists used more than 300 missiles of various types, nearly 300 "Shahed" drones, and more than 3,200 guided aerial bombs against Ukraine.
Our cities and communities from Sumy region to Odesa region, Dnipropetrovsk region, Kharkiv region,… pic.twitter.com/cdh8AwESs3
— Volodymyr Zelenskyy / Володимир Зеленський (@ZelenskyyUa) May 2, 2024
Chasiv Yar is rightly seen as the gateway to the agglomeration of four cities, from Kostiantynivka in the south through Druzhkivka, Kramatorsk, and Sloviansk to the north, which form the backbone of Ukraine’s defense of Donetsk Oblast. https://t.co/zlH7nztLBw
— The Kyiv Independent (@KyivIndependent) May 2, 2024