Bank of Canada Reduces Policy Rate By 50 Basis Points to 3¾ Per Cent

The Bank of Canada has reduced its target for the overnight rate to 3¾ per cent, with the Bank Rate at 4 per cent and the deposit rate at 3¾ per cent, announced on Wednesday morning.

Tiff Macklem, Govenor, Bank of Canada. Screenshot.

The Bank expects the global economy to expand at about 3 per cent over the next two years. Growth in the United States is now expected to be stronger than previously forecasted, while China's outlook remains subdued according to a press release. It continues to state that growth in the euro area has been soft but should recover modestly next year. Inflation in advanced economies has declined in recent months and is now around central bank targets. Global financial conditions have eased since July, partly because of market expectations of lower policy interest rates. Global oil prices are about $10 lower than assumed in the July Monetary Policy Report (MPR).

In Canada, the economy grew at around 2 per cent in the first half of the year and we expect growth of 1¾ per cent in the second half. Consumption has continued to grow but is declining on a per-person basis. The opening of the Trans Mountain Expansion pipeline has boosted exports according to the Bank of Canada. The labour market remains soft—the unemployment rate was at 6.5 per cent in September. Population growth has continued to expand the labour force while hiring has been modest. This has particularly affected young people and newcomers to Canada. Wage growth remains elevated relative to productivity growth. Overall, the economy continues to have an excess supply.

GDP growth is forecast to strengthen gradually over the projection horizon, supported by lower interest rates. This forecast primarily reflects the net effect of a gradual pick-up in consumer spending per person and slower population growth. Residential investment growth is also projected to rise as the strong demand for housing lifts sales and increases spending on renovations. Business investment is expected to strengthen as demand picks up, and exports should remain strong, supported by robust demand from the United States.

The Bank forecasts GDP growth of 1.2 per cent in 2024, 2.1 per cent in 2025, and 2.3 per cent in 2026.

CPI inflation has declined significantly from 2.7 per cent in June to 1.6 per cent in September. Inflation in shelter costs remains elevated but has begun to ease. Excess supply elsewhere in the economy has reduced inflation in many goods and services prices. The drop in global oil prices has led to lower gasoline prices. These factors have all combined to bring inflation down. The Bank’s preferred measures of core inflation are now below 2½ per cent. With inflationary pressures no longer broad-based, business and consumer inflation expectations have largely normalized.

Bank of Canada expects inflation to remain close to the target over the projection horizon, with the upward and downward pressures on inflation roughly balancing out. The upward pressure from shelter and other services gradually diminishes, and the downward pressure on inflation recedes as excess supply in the economy is absorbed.

With inflation now around the 2 per cent target, Governing Council decided to reduce the policy rate by 50 basis points to support economic growth and keep inflation close to the middle of the 1 per cent to 3 per cent range. If the economy evolves broadly in line with our latest forecast, we expect to reduce the policy rate further. However, the timing and pace of further reductions in the policy rate will be guided by incoming information and our assessment of its implications for the inflation outlook. The Bank says they are committed to maintaining price stability for Canadians by keeping inflation close to the 2 per cent target.

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Teenager Arrested and Charged After Pointing An Imitation Pistol At Others From Vehicle

A 17-year-old Peterborough teen is facing multiple charges after an incident Tuesday night.

Photo by David Tuan Bui.

At roughly 10:30 p.m., officers on general patrol were waved down by a motorist who told them they had been stopped at a traffic light when a passenger in a vehicle wearing a black mask pointed a gun at them.

A vehicle matching the description given to police was located in a parking lot in the Monaghan Road and Lansdowne Street area. Officers approached the vehicle with firearms drawn and four people inside were taken into custody. During a search of the vehicle after arrest, officers seized an imitation pistol and a black ski mask. They also located several metal pellets.

The teen was arrested and charged with:

• Possession of a Weapon for Dangerous Purpose

• Pointing a Firearm

• Disguise with Intent

• Unauthorized Possession of a Weapon

• Fail to Comply with Sentence

• Possession of a Weapon Contrary to Prohibition Order

• Possession of Ammunition Contrary to Prohibition Order

The accused is currently bound by two prohibition orders with the following conditions: to not possess any weapons or ammunition.

The accused is held in custody and will appear in court today on Wednesday

Under the Youth Criminal Justice Code, the name of a young person cannot be released.

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Oct. 25 Is Dress Purple Day to Raise Child Welfare Awareness

Oct. 25 marks Dress Purple Day, a campaign to raise awareness about the important role individuals play in supporting children, youth, and families facing challenges.

Photo courtesy of ONtario Association of Children’s Aid Societies.

The Kawartha-Haliburton Children’s Aid Society (KHCAS) is collaborating with children’s aid societies and Indigenous Child and Family Well-Being agencies across the province in partnership with government and community-based organizations for the campaign.

On Dress Purple Day, KHCAS invites the community to wear purple to show their commitment to child welfare and spread the message that help is available to the children and youth in our communities. Wearing purple stresses the importance of community support in ensuring the safety and well-being of children and youth in our communities.

“Dress Purple Day offers an opportunity to raise awareness of the important role we all play in supporting vulnerable children, youth and families and that the Kawartha-Haliburton Children’s Aid Society works together with many community organizations to help children, youth, and families facing challenges.” says Jennifer McLauchlan, Executive Director of the Kawartha-Haliburton Children’s Aid Society. “We are wearing purple today to show children, youth, and families that we care and are here to help.”

The goals of Dress Purple Day for the KHCAS are:

• To highlight how the KHCAS works in partnership with local community-based organizations and service providers to support vulnerable children, youth and families.

• To continue to work collectively with the Ontario government regarding the need to invest in social infrastructure so children, youth and families can access the right care, at the right time, close to home.

• To raise awareness that every child and youth has a right to safety and well-being in all spaces and that the community plays a role in protecting those rights.

• For KHCAS to strengthen relationships with local community-based organizations and service providers supporting children, youth and families.

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Peterborough's Porter Martone Selected to Team CHL for Prospects Challenge

Peterborough and hockey forward Porter Martone has been selected to participate in the inaugural CHL USA Prospects Challenge from Nov. 26 to 27.

Martone spent time with the AAA U15 Peterborough Petes during the 2019-20 season. Photo by Jordan Cooper.

Martone has been selected to Team CHL for the two-day event. The 2024 CHL USA Prospects Challenge debuts this season with top CHL prospects facing off against the United States under-18 team.

The former Mississauga Steelhead has 33 goals and 38 assists in 60 games this past Ontario Hockey League Season. In nine games with the now Brampton Steelheads, the Peterborough native has ten goals and ten assists in nine games.

In April, he captained Team Canada to a gold medal at the IIHF U18 World Championship in Finland.

The event will be held at Budweiser Gardens in London on the 26th and at Tribute Communities Centre in Oshawa on the 27th.

The following is the CHL roster:

Forwards:

• Carter Bear, Everett (WHL)

• Justin Carbonneau, Blainville-Boisbriand (QMJHL)

• Braeden Cootes, Seattle (WHL)

• Caleb Desnoyers, Moncton (QMJHL)

• Benjamin Kindel, Calgary (WHL)

• Lynden Lakovic, Moose Jaw (WHL)

• Brady Martin, Sault Ste. Marie (OHL)

• Porter Martone, Brampton (OHL)

• Michael Misa, Saginaw (OHL)

• Jake O’Brien, Brantford (OHL)

• Cole Reschny, Victoria (WHL)

• Cameron Schmidt, Vancouver (WHL)

• Malcolm Spence, Erie (OHL)

Defencemen:

• Kashawn Aitcheson, Barrie (OHL)

• Quinn Beauchesne, Guelph (OHL)

• Blake Fiddler, Edmonton (WHL)

• Reese Hamilton, Calgary (OHL)

• Cameron Reid, Kitchener (OHL)

• Matthew Schaefer, Erie (OHL)

• Jackson Smith, Tri-City (WHL)

Goaltenders:

• Jack Ivankovic, Brampton (OHL)

• Joshua Ravensbergen, Prince George (WHL)

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Peterborough Recognizes October As Canadian Islamic History Month

The City of Peterborough has officially recognized October as Canadian Islamic History Month and Islamic Heritage Month which is celebrated throughout the province and country.

Photo by David Tuan Bui.

Mayor Jeff Leal has issued the following statement:

“Islamic History Month is a chance for Peterborough residents to learn more about the rich culture, heritage and many contributions Canadian Muslims have made to our community and our country.

From arts and culture to education, business, and science, members of the Muslim community have enriched every sector of Canadian society. Here in Peterborough, we are fortunate to witness first-hand the positive impact of Canadians Muslims, whether through the businesses that strengthen our economy, the academic and professional achievements that enhance our schools, or the vibrant cultural contributions that promote diversity and inclusion in our city.

Islamic History Month gives us the opportunity to appreciate the legacy of Canadian Muslims and reaffirm our commitment to building a community where everyone feels valued and respected.

On behalf of the City of Peterborough, I extend my heartfelt gratitude to the Muslim community for their continued contributions and leadership. Let us celebrate the diversity that makes our city and our country stronger.

Happy Islamic History Month!”

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Peterborough Police Seeking Aid In Locating Missing 61-Year-Old Peterborough Man

The Peterborough Police Service is looking for the public’s assistance in locating 61-year-old Peterborough man Ricky Clarke, who was declared missing on Tuesday morning.

Photo courtesy of Peterborough Police Service.

Clarke was last seen around 8:30 a.m. Tuesday morning walking southbound on Fairbairn Street. Family and police are concerned for his safety as he has been diagnosed with dementia.

He is described as:

• Male

• White

• 6’7

• Bald

• Last seen wearing black jeans and a blue bomber-style jacket with beige sleeves and a black toque

Anyone with information is asked to call Peterborough Police at 705-876-1122 x555 or Crime Stoppers at 1-800-222-8477 or online.

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Two Pedestrians Struck By Vehicle In Lakefield and Taken To Hospitals

Two pedestrians were struck by a vehicle in Lakefield and taken to hospitals for treatment of injuries from Monday evening.

Photo by David Tuan Bui.

At roughly 5 p.m., officers arrived at Lakefield's Queen Street and Concession Street intersection. An 81-year-old woman and an 86-year-old man were taken to Peterborough Regional Health Centre after being struck. The woman was flown to a Toronto hospital for further treatment of her injuries.

The Traffic Unit was called in to complete a reconstruction investigation. The road was closed for about four hours and the investigation is ongoing. 

Anyone with information is asked to call Peterborough Police at 705-876-1122 x555 or Crime Stoppers at 1-800-222-8477 or online.

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Peterborough Petes Acquire Niagara IceDogs Captain For Two Draft Picks

The Peterborough Petes have acquired overage forward Gavin Bryant from the Niagara IceDogs in exchange for a third-round pick in 2026 (Guelph) and a ninth-round pick in 2028, announced on Tuesday morning.

Photo courtesy of the OHL.

The Ingersoll native was initially selected by the Owen Sound Attack in the second round, 37th overall, of the 2020 OHL Priority Selection. Over three OHL seasons between the Attack and the Niagara IceDogs, he has played in 155 games, scoring 40 goals and adding 78 assists for 118 points. Last season, he led the IceDogs in scoring 54 points in 62 games while also serving as team captain.

“Gavin is a great fit for our group,” said Michael Oke, general manager and vice president of operations. “He has been a leader on every team that he’s played for in this league. We know that he’ll be a big influence to our team both on and off the ice.” 

Bryant has worn a letter on both teams he played for in the OHL. In 2022-23, he served as an Assistant Captain with the Owen Sound Attack. After being acquired by the IceDogs from the Attack before the 2023-24 season, he was named an Assistant Captain with Niagara before becoming Captain in January.

The overage forward has also been known for his community work in the OHL. This season, Gavin and the IceDogs announced the launch of Gav’s Corner, a new initiative aimed at uniting and supporting individuals impacted by Type 1 Diabetes.

The Petes return to action to take on the Kingston Frontenacs on Thursday at 7:05 p.m. Before the game, the organization will honour alumni and two-time Stanley Cup Champion Jamie Langenbrunner with a banner-raising ceremony. Langenbrunner will be in attendance to take part in the ceremony which will feature speeches from dignitaries and a video tribute.

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Bailieboro Country Music Star Jade Eagleson Performs at World-Famous Grand Ole Opry In Nashville

Bailieboro and country music star Jade Eagleson stepped into the historic circle, performing at the Grand Ole Opry in Nashville, Tenn. for the first time on Friday night.

Photo courtesy of Austin Chaffe.

“I've dreamt about this moment my entire life,” said Eagleson. “To stand on the biggest stage in country music in front of all of my family, friends and country music fans was an incredible honour and a memory I will cherish forever. Thank you to the Opry for having me and I hope to be back on that stage very soon.”

The Grand Ole Opry is considered one of country music’s prestigious stages. The multi-platinum artist performed ‘Rodeo Queen’ and an emotional tribute to his wife and sons with his #1 track, ‘She Don't Know’ according to a press release.

The multi-platinum artist also shared new music as part of his Worth The Double two-pack: ‘Worth The Double’ and ‘Welcome To Rock Bottom.’

Eagleson will perform at several events in the United States before the end of the year including the Dallas Country, Folk and Red Dirt Festival, Red Dirt BBQ Festival Victoria, and Stoney's Rockin' Country in Las Vegas.

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Ontario Government Investing Over $10 Million For Faster Emergency Care and Increased Ambulance Availability For Peterborough County

The Ontario Government is investing $10,037,559 in Peterborough County to connect people to faster emergency care faster and increase ambulance availability, announced at Peterborough EMS on Friday.

Photo by David Tuan Bui.

“When people call 911, they need to know that paramedics will arrive quickly to meet their needs. A delay in a service call of just minutes can lead to drastically different results,” said Dave Smith, Peterborough-Kawartha MPP. “The Peterborough County-City Paramedics work hard to deliver emergency medical care. This investment will help all of us receive better service when our loved ones pick up the phone at that critical time.”

According to a press release, the province is increasing land ambulance funding by six per cent, bringing the province’s total investment in the region to $10,037,559 this year. The release continues to state that this base funding increase helps municipalities address increased costs and continue delivering high-quality emergency care.

“With record high population growth and call volumes, our Peterborough County-City Paramedics are working hard to keep up,” said Bonnie Clark, Peterborough County Warden. “The Provincial funding announced today will help our paramedics service to continue providing the high quality of care that Peterborough County and City residents expect and deserve. Thank you to the province for this funding to help our paramedics do their job and keep our communities safe and healthy.”

To further reduce delays paramedics encounter when dropping patients off at a hospital, the Ontario government is investing $607,727 in Peterborough County through the Dedicated Offload Nurses Program to hire more nurses and other eligible health professionals dedicated to offloading ambulance patients in hospital emergency departments.

“Peterborough County/City Paramedics have worked closely with PRHC identifying and implementing strategies to assist with offload delays,” said Patricia Bromfield Peterborough County Paramedic Chief. “The continuance and increase of funding received this year is important for our ongoing staffing of this program and returning our ambulances back to the road to service the community.”

The program allows paramedics to return to the community faster and respond to their next 9-1-1 call sooner. It has significantly reduced ambulance offload times and increased ambulance availability for 9-1-1 patients across the province. As a result of this investment and the dedication of healthcare professionals, provincial ambulance offload time has been reduced by more than 50 per cent since its peak in October 2022 according to a press release.

Ontario is also continuing to implement the Medical Priority Dispatch System (MPDS) across the province to ensure urgent patients receive critical care sooner. The system helps prioritize and triage emergency medical calls and dispatch paramedics sooner. Over the last year, the province has rolled out MPDS to Mississauga, Kenora, Thunder Bay, Ottawa and Renfrew and is accelerating progress to implement the system at the 15 remaining dispatch sites across Ontario over a year ahead of schedule.

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