Global Markets: Bank of Canada raises key interest rate

WINNIPEG – The following is a glance at the news moving markets in Canada and globally.

– The Bank of Canada (BoC) announced on Wednesday it was once again raising its key interest rate, this time by 75 basis points to 3.25 per cent. The move was intended to counter high inflation, which had been slowing down in recent months. The BoC’s policy rate is the highest among all advanced major economies.

– The manhunt for a suspect in a series of stabbings came to a tragic end on Wednesday. Myles Sanderson was found by RCMP near Rosthern, Sask., where he was taken into police custody. Shortly after, the 30-year-old Sanderson went into medical distress and was pronounced dead in hospital. RCMP said an autopsy was pending, but a source told the Associated Press that Sanderson died of self-inflicted injuries. In total, 11 people were killed and 19 more injured as a result of the stabbings on Sunday. That includes Sanderson’s brother Damien, another suspect, who was found dead on James Smith Cree Nation on Monday.

– Canadian Prime Minister Justin Trudeau is expected to announce today that the federal government intends to raise GST rebate cheques to provide inflation relief for low-income Canadians, sources told The Canadian Press. Some GST payments would be doubled for six months, while the government would also implement a C$500 one-time top-up to the Canadian Housing Benefit and the first stage of a national dental-care program.