Bank of Canada lowers interest rate ahead of potential U.S. trade war
Local
CTV:
Service on Line 1 was temporarily interrupted on Wednesday morning following a vehicle crash that damaged a gas line.
The crash occurred on Highway 174 around 7 a.m. near Blair Station, leading to a five-hour disruption of service. Replacement buses were rushed into operation to accommodate the stranded morning commuters.
The damaged gas line is used to provide power to switch heaters in the area, which caused the interruption in service in the east end.
OC Transpo general manager Renée Amilcar stated that the leak was under control and O-Train Line 1 was approved to resume service as repairs are made on the gas line.
No injuries were reported in the single-vehicle crash.
National
CBC:
The Bank of Canada lowered its key interest rate to three per cent on Wednesday, in preparation for imminent U.S. tariffs.
U.S. President Donald Trump has repeatedly threatened to impose a 25 per cent tariff on all imports from Canada, which he says could arrive by Feb. 1.
Bank of Canada governor Tiff Macklem said this measure was taken to prepare the Canadian economy for the potential impacts of the tariffs. However, Macklem admitted there is only so much the bank can do to offset the effects of the tariffs.
“The reality is the economy is going to work less efficiently. Canada’s going to produce less. It’s going to earn less. Monetary policy can’t change that,” Macklem said.
Macklem highlighted the uncertainty of the tariffs, especially regarding how long they will last and their potential magnitude.
International
CBC:
Health Secretary nominee Robert F. Kennedy Jr. was grilled by multiple senators during his confirmation hearing on Wednesday.
Kennedy, a well-known vaccine skeptic, was questioned about his views on vaccines, abortion and food regulations.
Kennedy defended his position on vaccines, claiming that while he is not anti-vaccine, he advocates for more rigorous testing and research, a claim refuted by multiple Democratic senators.
The hearing was briefly interrupted by protesters who opposed Kennedy’s nomination, highlighting the divisiveness of Donald Trump’s health secretary pick.
Kennedy is due to appear before the Senate Committee on Health, Education, Labour and Pensions on Thursday, where it is unknown whether he will be approved by the Senate.
