In this edition:
- Second booster opened to adults, rapid testing extended
- Bank of Canada announces 100 basis point hike
- Bank of Canada monetary policy report
Ontarians aged 18+ eligible for second booster shot, free rapid testing extended to end of year
The Ontario government, in consultation with the Chief Medical Officer of Health, is expanding eligibility for second booster doses to Ontarians aged 18 and over in order to provide an extra layer of protection to those who may need it.
Starting on Thursday, July 14 at 8:00 a.m., eligible individuals can book an appointment through the COVID-19 vaccination portal or by calling the Provincial Vaccine Contact Centre at 1-833-943-3900. Eligible individuals can also book an appointment directly through public health units that use their own booking systems, through Indigenous-led vaccination clinics and participating pharmacies.
The Ontario government will also continue to provide free rapid antigen tests to the general public through existing channels like grocery stores and pharmacies, as well as to workplaces, schools, hospitals, long-term care and retirement homes and other congregate settings until December 31, 2022.
The GNCC’s rapid test distribution program is still active, and free rapid antigen tests for workplaces can be ordered here.
Bank of Canada announces 100 basis point hike
The Bank of Canada today increased its target for the overnight rate to 2½%, with the Bank Rate at 2¾% and the deposit rate at 2½%. The Bank is also continuing its policy of quantitative tightening (QT).
Inflation in Canada is higher and more persistent than the Bank expected in its April Monetary Policy Report (MPR), and will likely remain around 8% in the next few months. While global factors such as the war in Ukraine and ongoing supply disruptions have been the biggest drivers, domestic price pressures from excess demand are becoming more prominent.
In a statement, the GNCC observed that the inflationary rate is an urgent issue that needs tackling and, recognizing that much of the inflationary pressure is due to factors such as supply chain shortages and the war in Ukraine, the Bank of Canada must act on those factors which it can affect. Nevertheless, some economists are concerned about the possibility of a recession, and caution is likely warranted.
Bank of Canada Monetary Policy Report
Reading Recommendations
Bank of Canada hikes rate to 2.5% — here’s what it means for you
CBC News
The Bank of Canada has raised its benchmark interest rate by the largest amount in more than 20 years, sharply increasing the cost of borrowing in an attempt to rein in runaway inflation.
Canada’s central bank raised its benchmark interest rate Wednesday by a full percentage point to 2.5 per cent. That’s the biggest one-time increase in the bank’s rate since 1998.
The bank’s rate impacts the rate that Canadians get from their lenders on things like mortgages and lines of credit. Two of Canada’s big banks have already moved their benchmark rates in response, with Royal Bank and TD raising their prime lending rates from 3.7 per cent to 4.7 per cent as of Thursday morning.
The other major lenders are expected to follow suit in short order.
How the Bank of Canada’s rate hike will impact mortgages, loans and spending
CTV News
The Bank of Canada increased its key interest rate by one percentage point Wednesday in the largest hike the country has seen in 24 years.
The move indicates the central bank will take a more aggressive approach to tackling inflation, which sits at a 39-year high of 7.7 per cent and has made groceries, vacations and other purchases more pricey.
The hike to 2.5 per cent will also impact mortgages, loans and spending habits.
Through the Daily Updates, the GNCC aims to deliver important business news in a timely manner. We disseminate all news and information we feel will be important to businesses. Inclusion in the Daily Update is not an endorsement by the GNCC.
