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Good Morning!
Well, that was a surprise.
The Bank of Canada took a step towards easing pandemic stimulus yesterday the biggest yet by a major economy with a hawkishness that surprised many observers.
Not only did it say it would reduce purchases of government debt (which was expected), it also brought forward its timeline for a possible rate hike.
Previously, the Bank had forecast that slack in the economy would not be absorbed until 2023. Now it expects that to happen some time in the second half of 2022.
The reason is a much brighter view of the economy. The Bank hiked its growth forecast for 2021 by more than two percentage points to 6.5%. It’s now predicting 3.7% in 2022 and 3.2% in 2023, an outlook rosier than many economists.
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Canada’s four major airlines are suspending service to all Caribbean destinations and Mexico as the government cracks down on non-essential travel to protect against virus spread.
Prime Minister Justin Trudeau said Air Canada, WestJet, Sunwing and Air Transat will no longer fly there from today (Sunday) to April 30.
He called for Canadians to immediately cancel travel plans to all destinations including spring break trips.
All international passenger flights must land at only four airports – Vancouver, Toronto, Calgary, and Montreal.
Vacationers have to show proof of a negative test for COVID-19 to board a plane and have a test upon return.