Bank of Canada cuts key rate by 50 basis points, House passes $21.6 B supplementary estimates, CBSA loses track of almost 30,000 people wanted for deportation orders.

[00:00:01] Speaker A: And now News Takeaway Connect FM 91.5 News Takeaway Good morning Vijayji Good morning. [00:00:19] Speaker B: Connect Nal Connect Good morning. [00:01:38] Speaker A: For every $100,000 of a variable mortgage so if somebody sizable saving amortization for every $100,000 on a variable loan per month payment so that's per month. Per month. Per month, yeah, that's right. So if somebody's got a $500,000 loan, given the home values, you're saving more than $200 a month. [00:02:12] Speaker B: Yeah, exactly. Average size of mortgage oh yeah, of course, yes. [00:02:30] Speaker A: Oh certainly yes, yes, yes, yes, yes. On this all the debt to GDP commitment so bank of Canada overnight lending rate 3.25% prime lending rate 5.45% Hogya bank of Canada. [00:03:44] Speaker B: US economy so US can the US the economy broad based strength the position which hair robust consumption solid labor market inflation persistent US Inflation. [00:03:57] Speaker A: Numbers then November US Inflation expected inflation. [00:04:07] Speaker B: So global economy Josie project October which NPR perform career Europe the economy with China export stimulus so Canadian dollars had a weaker as compared because of the US Strength broad based strength economy broad based strength Canadian dollar interest rate cut or can they be US Dollar. [00:04:49] Speaker A: Correct so conversion for each US dollar that you want to buy yes. [00:05:13] Speaker B: Important section Canadian economy TJ quarter which 8% grow kitty than October projection inventories exports consumer spending the housing activity interest rate so unemployment obviously jobs wage growth has eased but it is still elevated. [00:06:22] Speaker A: Bank of Canada. [00:06:53] Speaker B: Recent policy measures so immigration levels plan GDP growth can they cut honey will be less than the October NPR inflation amortization first time home buyers yes dynamics change Hong Kong demand inflation bank changes Hong a temporary fleeting changes hone gay inflation temporary GST holiday bank underlying trends. [00:08:03] Speaker A: Policy decisions overall economic thread political decision. [00:08:25] Speaker B: Bank of Canada interest rate won't react to that or on the other. [00:08:31] Speaker A: Side bank of Canada. [00:08:50] Speaker B: So basically bank of Canada climate react weather right so we will not react to weather we. [00:08:58] Speaker A: Will react to climate so unit test the number final exam. [00:09:07] Speaker B: US the tariffs policy decisions so US Possibility Donald Trump tariff uncertainty and it is now clouding the economic outlook so Ukraine the war the Middle east instability. [00:09:38] Speaker A: So instability military action economic tariffs uncertainty trump the tariffs this and also bandit WhatsApp Canadian products can they honey traders suppliers Canadian exports temporary effect policy changes the uncertainties the. [00:10:50] Speaker B: It will rebound unbound unbound unbound excess supply indications indicators it will be weaker than projected economic growth. [00:11:20] Speaker A: So that's for 20252025. [00:11:24] Speaker B: Governing council decide Kita K interest rate points to support growth and keep the inflation in target of 1 to 3% inflation 10% policy rate no Substantially Substantially. Going forward, we will evaluate the need for further reductions one decision at a time. Bank of Canada is signaling interest rate. [00:12:09] Speaker A: Cuts. [00:12:20] Speaker B: A Bank of Canada Our decisions will be guided by the incoming data bank of Canada Policy rate no neutral range A neutral policy rate. [00:12:39] Speaker A: Interest rate. [00:12:40] Speaker B: Policy rate ggg yes, the policy rate. [00:12:45] Speaker A: That's right. [00:12:45] Speaker B: So announcement overnight lending rate it is at the upper end of the neutral rate range. So bank of Canada Going forward, we will evaluate one policy decision at a. [00:13:03] Speaker A: Time Meeting A Bank of Canada the visa There is a possibility next rate cut 2025 the TG meeting of course, whatever happens in the US correct Canadian dollar the weakness Inflationary pressures so balance out Kirk Oil the price Donald Trump Administration Global economy and by extension Canadian economy Federal Reserve 0.25% of the rate cut the spread the difference between the Canadian interest rate and American interest rate Canadian dollar downward pressure. [00:14:34] Speaker B: Yes the US the economy weakening it's still robust. Correct bank of Canada can they be America price pressures they are proving to be persistent Inflation so. [00:14:51] Speaker A: Inflation numbers for the month of November Overall economy optimism US Federal Reserve. [00:15:18] Speaker B: GDPD projection. [00:15:40] Speaker A: Already interest rate cut economic activity. [00:18:12] Speaker B: Deficit to GDP. [00:18:13] Speaker A: Ratio 1% so not debt to GDP yeah, you are right to point it out. With deficit to GDP ratio under 1% debt to GDP ratio. [00:18:50] Speaker B: You will see the government is maintaining its fiscal anchor. [00:18:58] Speaker A: Correct? [00:19:07] Speaker B: I'm choosing my words very carefully. Why Debt to GDP ratio Medium term Capital markets so I'm choosing my words very carefully. So medium term yeah, so you rightly pointed out Prime Minister's office Prime Minister v Prime Minister we already studied GDP Immigration target Correct GDP so debt so debt to GDP ratio so deficit to GDP ratio. [00:21:25] Speaker A: So Canadian Arctic Tanuya Canadian Canadian proportion Bank of Canada expectations Expectation. [00:22:28] Speaker B: Bank of Canada the do point do percent DC right immigration targets GDP decline Donald Trump 0% we flatline Saudi economy contract Karegi minus 1 of shrink. [00:23:03] Speaker A: Target Kita Christia Freeland Chandane were de Deficits on steroids on steroids she wants a large deficit he wants a larger deficit on steroids. On steroids can the Canadians of course inflation such and such Minister has my full confidence. [00:25:39] Speaker B: So Christia Freeland so Christy of do you still have Prime Minister's confidence? [00:25:54] Speaker A: Yes. [00:26:05] Speaker B: Melissa Landsman worry on this side of the House we are all united she has my full confidence. [00:27:29] Speaker A: Conservative MP Michael J. Pradhan he has the confidence. He has a He has full confidence in the Finance Minister Fall economic statement for Christia Field and it's going to be very difficult to justify a lot of the things yeah. [00:28:04] Speaker B: Canadians Nothing Nothing. [00:28:08] Speaker A: At all well hassle Jerry Cook cheese. [00:28:11] Speaker B: House of Commons which call supplementary estimates. [00:29:00] Speaker A: He had mentioned supplementary estimates Treasury Board the president there was a possibility case build up voting at the Ajay so Ganimata which are local Yes a key point billion dollar this supplementary estimates pass about 79 federal organizations programs in a supplementary estimate for example dental care supplementary estimate pass Karanda dental care was dental care program so point ch billion dollar million. [00:30:47] Speaker B: Out of 21.6 billion regardless support Karnaisi electoral politics correct Conservatives supplementary estimates outright rejected supplementary estimates 1.1 million Canada's special representative on combating Islamophobia values Unfortunately very very unfortunately anti Islam I want to make this clear to the Islamists so anti Islamophobia funding. [00:33:54] Speaker A: That is not the prerogative of E. Francois Blanchett yeah. [00:33:59] Speaker B: So Blanchett. [00:34:33] Speaker A: You know what that signifies? Unfortunately, that's the reason Premiers bottom of the list popular Premier Hagen and Doug Ford with 34% approval we are in the middle of the following week even NDP. [00:35:58] Speaker B: Religious symbols. [00:36:04] Speaker A: Yeah, Nothing nothing, Nothing at all so Quebec the engineer Sitani was diaspora communities other side of the politics so unfortunate President Ajla Canadian politics. [00:36:40] Speaker B: Yeah so vote bank. [00:36:57] Speaker A: Yeah. [00:37:05] Speaker B: British Columbia. [00:37:11] Speaker A: Donald Trump Donald Trump. [00:38:20] Speaker B: Down economy impact America the Senate maybe they intend to go one step further. [00:38:46] Speaker A: Donald Trump women's rights women's participation. [00:40:14] Speaker B: Alberta Jackie pipeline social media President elect Donald Trump they pressure ideology. [00:42:27] Speaker A: Canada wanted immigration authorities deportation the pipeline whereabouts so CBS and these numbers are as of October 21, 2024. [00:42:51] Speaker B: Yeah so. [00:43:41] Speaker A: Out of the 29730 by the end of 2026 4.9 million million. [00:44:58] Speaker B: So 2.4 million permit expire Honey study permit work permit Most of them. [00:46:19] Speaker A: Goes undetected for 14 days the Ode ONU fair automatical ONO automatic removal order deportation pipeline the resources of people who are you know the whereabouts let's do this again tomorrow. [00:47:05] Speaker B: Thank you.