Canada News: BoC Rate Hold, Budget Deficit, Lockdown

The Bank of Canada is set to announce its latest monetary policy decision Wednesday morning, with economists widely expecting the central bank to hold its benchmark interest rate steady at 2.25 percent. The decision comes alongside the release of the bank's quarterly economic forecast, as surging oil prices triggered by a war in the Middle East since late February have disrupted earlier projections of easing inflation and a softer economy. Analysts had anticipated the bank would pause rate changes pending developments in U.S. trade relations.

In Newfoundland and Labrador, the Progressive Conservative government plans to table its budget for the 2026-27 fiscal year later today. Finance Minister Craig Pardy has indicated the plan will include a deficit, though details on its size remain undisclosed. He noted that the fiscal year ending March 31 likely closed with a shortfall approaching $1 billion. Unlike other Atlantic provinces implementing major spending cuts, Premier Tony Wakeham's administration has offered no commitments to balance the budget.

Residents of Norway House Cree Nation in northern Manitoba remained under a lockdown order early Wednesday as Royal Canadian Mounted...