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Global National: July 12, 2023 | Was the Bank of Canada's latest interest rate hike necessary?

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In tonight's top story: The Bank of Canada has raised its benchmark borrowing rate to five per cent. It hasn't been this high since April 2001, despite Canada's economy performing better than most forecasters predicted. Mackenzie Gray explains why some economists don't believe this hike was necessary.

Plus, Dawna Friesen speaks with economist Armine Yalnizyan about the potential long-term effect for Canadians and why banks follow suit when the central bank raises its key rate.

Labour Minister Seamus O'Regan has appointed a federal mediator to recommend a settlement to end the British Columbia port strike. Neetu Garcha looks at the likelihood of a deal being reached between the two sides and the increasing economic consequences of the bitter labour battle.

While Ukraine still hasn't become a part of NATO, members and G7 countries, including Canada, are offering long-term security guarantees to the war-torn nation. David Akin explains how Ukraine can benefit from its strong relationship with Canada and what Prime Minister Justin Trudeau is pledging to do to help.

And as some floodwaters in the northeastern U.S. have started to recede, that doesn't mean people are in the clear. Jackson Proskow reports on the cleanup underway and how communities are bracing for what's still to come.

Plus, the human body has over 37 trillion cells, most of which are unknown to those who study them. As Katherine Ward reports, every cell is up for discussion as more than 3,000 people from around the world are working to create the largest reference book on the planet.

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Category
U.S. & Canada
Tags
global news, global national, interest rate hike
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