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What is the Bank of Canada's next move as IMF warns of "economic turbulence"?

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In 2022, Royal Bank of Canada unseated JP Morgan Chase as the top lender and financial service provider to the fossil fuel industry, according to the 14th annual Banking on Climate Chaos Report released this week. Anne Gaviola is joined by The Peak podcast's Brett Chang, who says that while banks are the largest financers of big fossil fuel projects the report doesn’t shine a strong enough spotlight on the other investments being made to help “accelerate that transition” towards clean energy.

The, the pair discusses the Bank of Canada’s decision rate to hold its key interest rate steady at 4.5 per cent as it forecasts inflation to slow to three per cent in 2023. With the International Monetary Fund (IMF) warning of “economic turbulence lurking just beneath the surface,” the central bank will have to be cautious as it plans its next moves.

And finally; the inflationary impact of monopolies. Competition does tend to bring prices down but when you have the vast majority of market share – whether in the airline industry, banks of grocery chains – concentrated among a few players, history shows time and again consumers lose out. But some experts argue that in the case of food inflation, big box retailers can stop prices from spiraling higher because of the deals they get from purchasing in bulk. But will those deals actually reach your wallet?

For more info, please go to For more top business and tech news, visit The Peak Daily at https://readthepeak.com/shows/the-peak-daily
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Category
U.S. & Canada
Tags
global news, The Peak, Bank of Canada
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